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#831910 - 10/10/07 08:02 PM Exam Results
biz Offline
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Joined: Nov 2005
Posts: 1,032
Midwest
I am the internal auditor. We are OTS regulated. When our last exam was completed I was not included in the exit meeting. When the report came in, I was only provided a copy of comments pertaining to the audit function. I feel I need a copy of the entire report-do you all normally see the entire exam report? Am I out of line in requesting it from the President? Can I obtain this from OTS? Your comments would be greatly appreciated.

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#831964 - 10/10/07 08:32 PM Re: Exam Results biz
Countess Kiwi Offline
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Posts: 1,815
Minnesota
I am pretty sure the OTS would not provide you a copy, but I could be wrong. I used to see the whole report, but I guess I was more interested in what they had to say about the internal audit function since that was my area. You may want to view the other areas to ensure items are being corrected that could impact your audits, though.

I don't think you are out of line in asking. Was the Board at the meeting? Could someone from the audit committee provide any insight into how the meeting went? Who is going to track the items that need corrective action? If this is normally your area, I would push that as a reason to see the entire report. Do you know why you were not invited? Was it just an oversight?

Okay, I will quit asking questions and hopefully I answered yours.
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#832126 - 10/11/07 02:29 AM Re: Exam Results Countess Kiwi
David Dickinson Offline
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David Dickinson
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Central City, NE
I agree that the OTS will not provide you with a copy. I don't believe you are out of line to request it from the President. If the President won't provide it to you, you can find out why. You can also express to the Pres. that you would like to be inlcuded in the outbriefs in the future.
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#832128 - 10/11/07 02:35 AM Re: Exam Results David Dickinson
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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In my experience, audit is usually provided with a copy of the exam reports (by the internal person who is charged with distribution) so that they are aware of any issues, increasing risks, etc. They need this info to be able to properly allocate resources; areas of the bank may need more frequent audits, etc.

In small banks, audit sometimes tracks the issues for the bank. Other areas can track as well, although audit would of course have an interest in progress and should be copied on all responses, updates, and so forth.
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#832143 - 10/11/07 03:16 AM Re: Exam Results Kathleen O. Blanchard
Princess Leia Offline
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Alderaan
I'll expand on Kaybee's post. At our institution (and also my last one) our regulators looked to us to not only track the exam findings, but to actually test progress and report to the audit committee.

Also, if you're not aware of exam issues, how can you appropriately add them to an audit risk assessment for the next year's audit cycle? Those are the kinds of questions I'd have for the President when asking for a copy.
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#832185 - 10/11/07 12:13 PM Re: Exam Results Princess Leia
DeeQ Offline
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Turnpike Exit 10
I agree with all of the above, you should have a copy of the entire report.
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#832377 - 10/11/07 03:09 PM Re: Exam Results DeeQ
StealthAudit Offline
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StealthAudit
Joined: May 2007
Posts: 13
I am in the same Boat but the entire exam process is run though internal AUdit, we attend all status meetings and the exit meeting. We even distribute all the exam fidnings to operating Managemnt. We also keep a tracking log of all Audit and exam findings, including the OTS, so we have to have the report to track the issues to ensure they are being followed up on.
If the Pres won't give you a copy explain how you feel its important to the Audit Committee Chairman.

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#832397 - 10/11/07 03:27 PM Re: Exam Results Princess Leia
A_G Offline
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Originally Posted By: Princess Leia
I'll expand on Kaybee's post. At our institution (and also my last one) our regulators looked to us to not only track the exam findings, but to actually test progress and report to the audit committee.


Ditto here. I'm not directly provided with a copy of the report by the Fed, but the president gives me one. I go through the report and pick out the "issues" (trust me sometimes it's really hard to find them mixed in) and track them. The Audit Committee expects to see responses from management/progress regarding the issues in the report and I track those as well. I maintain a seperate "exam tracking report" just as I do for internal audit reports. This process was recommended by the Fed. I think it works well.

Also, as previously said exam issues can have an impact on the audit function as a whole, including risk ratings for certain areas.
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#838031 - 10/18/07 10:14 PM Re: Exam Results A_G
buggs Offline
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I think Audit should get copies of the reports and should involved at exit meetings as well. If for no other reason, you should be tracking the issues raised by the exam in order to make sure they are addressed in an adequate and timely matter.

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#840267 - 10/23/07 03:46 PM Re: Exam Results buggs
Quadspapa Offline
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Quadrupletville, Texas
Ditto Bugs, DQ, and others. You should be involved.
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