Summary

An assessment of the Federal Deposit Insurance Corporations's (FDIC) Office of Corporate Audits was made under widely accepted internal auditing standards. While FDIC has made significant progress toward establishing an effective internal audit function, improvements are needed in the following six areas: (1) audit clarity and conciseness; (2) audit report timeliness; (3) preparation of written reports; (4) audit evidence verification procedures; (5) auditor performance evaluation process; and (6) monitoring internal audit activity.