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#831910 - 10/10/07 08:02 PM
Exam Results
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Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
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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
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Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
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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.
_________________________
Do what you can, with what you have, where you are. ~Theodore Roosevelt~
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#832143 - 10/11/07 03:16 AM
Re: Exam Results
Kathleen O. Blanchard
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Diamond Poster
Joined: Jun 2004
Posts: 1,975
Alderaan
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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.
_________________________
Duct tape is like the force: It has a light side and a dark side and it holds the universe together.
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#832185 - 10/11/07 12:13 PM
Re: Exam Results
Princess Leia
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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I agree with all of the above, you should have a copy of the entire report.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
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#832397 - 10/11/07 03:27 PM
Re: Exam Results
Princess Leia
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10K Club
Joined: Jul 2004
Posts: 18,989
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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.
_________________________
With the lights out, it's less dangerous.
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#838031 - 10/18/07 10:14 PM
Re: Exam Results
A_G
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Power Poster
Joined: May 2005
Posts: 8,487
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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
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Power Poster
Joined: Aug 2002
Posts: 3,275
Quadrupletville, Texas
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Ditto Bugs, DQ, and others. You should be involved.
_________________________
"I don''t make jokes. I just watch the government and report the facts." - - Will Rogers (still relevant today)
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