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GGD-80-90 1 (1980-07-16)

handle is hein.gao/gaobabatq0001 and id is 1 raw text is: 
                                                                 112 1




                   UNITED STATES GENERAL ACCOUNTING OFFICE
                          WASHINGTON, D.C. 20548


GENERAL GOVERNMENT
    DIVISION

                                                JULY 16, 1980
    B- 197162



    The Honorable Jay Janis
    Chairman, Federal Home Loan                            112781
      Bank Board

    Dear Mr. Janis:

         Subject: Lopportunities to Further Improve Internal
                   Auditing in the Federal Home Loan Bank
                   Board' GGD-80-90)

         This report describes our review of the Federal Home
    Loan Bank Board's internal audit function. We assessed the
    activities of the Internal Review office, which is responsi-
    ble for internal auditing, against widely accepted profes-
    sional internal auditing standards formulated for private
    industry and government.

        Since its reorganization in January 1978, the Bank Board's
    internal audit organization has made several improvements,
    but it needs to do more. Some of the Office's improvements
    include:
         --insuring that the Director reports directly to
           the Chairman,

         --upgrading the staff, and

         --removing all audit scope limitations and broad-
           ening the scope of reviews.

    However, opportunities for further improvements exist in the
    areas of data processing audits, guidance to Federal Home
    Loan Bank internal audit units, and reporting changes in
    program plans to the Bank Board.


(233030)

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