Our bank is FRB regulated. I have been searching the net with no luck...can someone point me to where I am able to find what the examiners specifically look for with regards to an audit function. Thanks.

i do not know where you could find that information, but a few things i know richmond frb look at are:

we are close to 500mil

-audit schedule - is it adequate
-audit findings
-your resume - are you qualified for the position
-is audit adequately staffed
-does audit have any other responsibilities, do they affect your independence or ability to get the job done.

these are just a few things that i can think of. im sure there are plenty more, but these are some things that i have seen written up.

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Those are all good. Also, a joint policy statement on IA came out last year. If you look here, down near the bottom is titled "Part IV - Examination Guidance." This is what all examiners will be looking for, regardless of agency.

I hope this helps. Good luck!

Section 1010.4 of the FRB's Commercial Bank Examination Manual contains their Audit Function Questionnaire. There is also some related internal control guidance in the manual. It is available for viewing or downloading at http://www.federalreserve.gov/boarddocs/supmanual/. The other regulators also have audit function questionnaires, minimum audit procedures, etc., available.