FFIEC Interagency Guidance on the Internal Audit Function
The federal regulatory agencies updated a joint policy statement that contains guidance on the responsibilities of directors and senior management for ensuring that financial institution organization’s systems of internal control, including the internal audit function, are adequate for the nature and scope of the organization’s lines of business. This policy statement will be used by federal regulators to evaluate the adequacy of an institution’s audit/supervisory committee and internal audit function.
The policy statement covers responsibilities of directors and senior management, responsibilities of the internal audit function and considerations for internal audit outsourcing arrangements.
Download this checklist now that was created to help the board and audit/supervisory committee prepare for this evaluation.