Enhanced Internal Audit Standards

February 2013
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Enhanced Internal Audit Standards

At a glance

On January 23, 2013, the Board of Governors of the Federal Reserve System issued the Supplemental Policy Statement on the Internal Audit Function and its Outsourcing to the Officers in Charge of Supervision at each Federal Reserve Bank.

On January 23, 2013, the Board of Governors of the Federal Reserve System issued the Supplemental Policy Statement on the Internal Audit Function and its Outsourcing to the Officers in Charge of Supervision at each Federal Reserve Bank.

This FS Regulatory Brief briefly summarizes the Supplemental Guidance, highlights areas that warrant particular attention due to their importance to regulators, and suggests steps that institutions should begin taking now if they have not already begun improving their internal audit functions to meet regulatory expectations.