Due to a recent examination, our Audit Department, specifically the Manager, has been directed to provide the Board of Directors, on an annual basis, a report on audit activities and an opinion on the bank's overall condition of controls and operations. The report is to further include an assessment regarding the quality of ongoing operations being either satisfactory or unsatisfactory.
Does anyone perform this type of annual reporting (or something similar to it) to the Board, and if so, is it done verbally or in a written format? I am looking for any input as to how to perform this and any examples of report formats and topics. Any help would be very much appreciated.
Thank you.