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GGD-80-31 1 (1980-01-04)

handle is hein.gao/gaobababu0001 and id is 1 raw text is: jfj2-WL S?4UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 GINERAL GOVERNMET DIVISION B-197162 JANUARY 4,1980 The Honorable Lawrence Connell Chairman, National Credit Union Administration Dear Mr. Connell: 111202 Subject: C nternal auditing needs more support in the National Credit union Administrationj(GGD-80-31) We have completed our review of the National Credit union Administration's (NCUA) internal audit function. We assessed the Office of Internaldn- estiga±-on against widely accepted professional internal auditing standards formulated for private industry and government. Internal auditing needs more support in the National Credit Union Administration. Although NCUA has established an internal audit unit with broad review responsibilities, the small size of the unit prevents it from carrying out all its responsibilities. Audit coverage has been sparse, and the need to obtain support from staff detailed from other activities has lengthened audit reporting times and created a potential for compromising audit independence. In addition, the frequent turnover in the leadership of Internal Audit has been disruptive and detrimental to achieving stability and consistency within the unit. INTERNAL AUDIT HAS AN IMPORTANT ROLE IN NCUA'S MANAGEMENT CONTROL SYSTEM NCUA's management control system includes a network of information systems and review groups designed to supply information to policymaking levels where it can be evaluated and acted on. Because of its independence, the Office of Internal Audit and Investigation is in a unique position to play a key role in NCUA's management control system. The Director of Internal Audit and Investigation reports directly to the Chairman and is responsible for: / 6~ /(233030)

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