Internal audit schedules third party reviewers, provides loan data to reviewers, coordinates onsite work, receives and distributes loan review comments and reports, and tracks completion of corrective actions. The audit committee reviews all loan review reports and meets with loan reviewers sometimes to discuss results. Our examiners and external auditors like this arrangement and to an extent rely upon the independent work.
Internal audit sometimes also audits some aspects of commercial lending not covered in the loan review scope.
My opinions are not legal advice, not my employer's, and may change anytime.