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GGD-82-5 1 (1981-10-19)

handle is hein.gao/gaobabcod0001 and id is 1 raw text is: 1111b2 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. 20548 B-197162 OCTOBER 19, 1981 The Honorable Jake Garn Chairman, Committee on Banking, dousing, and Urban Affairs United States Senate The Honorable William V. Roth, Jr. Chairman, Committee on Governmental Affairs united States Senate The Honorable Fernand J. St Germain Chairman, Committee on Banking, Finance, and Urban Affairs House of Representatives 116662 The Honorable Jack Brooks Chairman, Committee on Government Operations House of Representatives Subject: Financial Institution Regulatory Agencies Should Perform Internal Audit Reviews of Their Examina- tion and Supervision Activities (GGD-82-5) The purpose of this report is to bring to your attention a shortcoming in the internal audit activities of the Federal tinancial institution regulatory agencies. The Federal regu- lators' internal audit groups generally do not review and evaluate the economy, efficiency, and effectiveness of their agencies' examination and supervision activities. Significant agency resources are devoted to these activities, and they are an important function in each agency. We have completed a series of reviews of the internal audit organizations and functions at the Federal Deposit Insurance Cor- poration, the Federal Home Loan Bank Board, the National Credit Union Administration, the Federal Reserve System, the Office of the Comptroller of the Currency, and the Farm Credit Administra- tion. We conducted these reviews to ensure that the agencies' activities were receiving adequate internal audit scrutiny. We assessed each agency's internal audits against generally accepted internal auditing standards formulated for private industry and government. We enclose a listing of the resulting reports (see p. 7). I n n -,I ^ n, ^ N

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