Regulatory Developments Affecting The Financial Services Industry
- Topics:
- Audits
- Tags:
- Audit,
- Deloitte LLP,
- Finance,
- Financial,
- Financial Accounting,
- Government,
- Institution,
- Regulations,
- Regulator
- Source:
- Deloitte LLP
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Overview: "Banking regulators rely heavily upon internal and external auditors as part of their risk-focused supervision processes. The adequacy of these areas functioning as viable independent parties provides a level of assurance to regulators that the Board of Directors and senior management are receiving unbiased feedback on the internal control structure of the institution. As a result of this guidance, institutions can likely expect a renewed focus and scrutiny on their internal audit functions, in the context of the Sarbanes-Oxley Act and the newly adopted SEC rules, and the impact for bank regulated institutions. The guidance is segregated into four key sections: Part I, the Internal Audit Function, Part II, Internal Audit Outsourcing Arrangements, Part III, Independence of the Independent Public Accountant, Part IV, Examination Guidance to get the details of guidelines refer to the article."
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Format: PDF | Size: 49KB | Date: Mar 2003 | Pages: 6
