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#1128540 - 02/12/09 02:08 PM Internal Audit Department - Independent
CompDat Offline
Platinum Poster
Joined: Dec 2005
Posts: 553
USA
Is there any legal requirement for a bank that is not subject to Sox to be independent of management?

Thanks in advance.

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Audit
#1128573 - 02/12/09 02:48 PM Re: Internal Audit Department - Independent CompDat
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,368
Galveston, TX
What good is an internal audit department that is not independent of management? All banks under 12 CFR 363 are required to have an adequate internal control structure. A non-independent internal audit department does not do much to establish appropriate internal controls.
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#1128619 - 02/12/09 03:27 PM Re: Internal Audit Department - Independent CompDat
A_G Offline
10K Club
Joined: Jul 2004
Posts: 19,004
The examiners will be all over you! eek
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