The Office of the Comptroller of the Currency's Internal Auditing Needs Strengthening

The Office of the Comptroller of the Currency's (OCC) internal audit function was evaluated. The overall objective of internal auditing is to assist management in discharging its responsibilities by furnishing information, analysis, appraisals, and recommendations pertinent to the organization's execution of management policies and procedures.

The OCC Internal Audit Division has suffered from a lack of staff resources and limited coordination with other review efforts. With a small staff and in the absence of clear, current and written operating policies, informal operating practices have evolved. This, in turn, has resulted in an audit process needing more effective program planning, more consistent audit implementation, clearer reporting, and better followup on recommendations. A plan was recently approved which would reorganize and strengthen OCC internal audit activities; the plan needs to be strengthened further by clarifying Internal Audit's role and relationship with other review groups.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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