I am curious how other banks handle the reporting of external audit report and aslo regulatory examination reports. We have an audit committee (new within the last 18 months) and I am the internal auditor. However, we do outsource some audits such as trust, IT, directors audit, loan reivew of larger credits.
Do the reports for these audits go directly to your full board or just your audit committee? I can see that regulatory exam reports should be examinineed by the full board, but feel that the both the full board and audit commitee reviewing the external audits is a bit redudnant. Our audit committee consists of our external directors. The board meets monthly and the audit committee meets quarterly. But maybe I should look at it as using the review at audit committee to discuss any concerns noted in the report.
As I stated, this is a new department and reporting mechanism for the bank. I just want it to be as efficient as possible, but without taking any necessary review away from the board.
My questions and opinoins are my own and not my employer's.