Internal Auditing Can be Strengthened in the Federal Reserve System: Report to the Congress

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U.S. General Accounting Office, 1980 - Auditing, Internal - 48 pages
 

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Page 3 - ... mergers, bank holding companies, capital stock or debenture issues, and membership in FRS. — Determining margin requirements, ie, the amount of credit that may be extended to purchase or hold equity securities. --Establishing maximum interest rates that member banks may pay on savings and time deposits. --Regulating the foreign activities of all member banks. — Regulating the activity of bank holding companies. — Administering securities registration requirements (under the Securities Exchange...
Page 1 - ... internal control designed to provide (1) full disclosure of the financial results of the agency's activities: (2) adequate financial information needed for the agency's management purposes; (3) effective control over and accountability for all funds, property, and other assets for which the agency is responsible, including appropriate internal audit...
Page 3 - ... supervision of banking in the United States, as well as provide various central banking services for banks and the US Government. FRS has been entrusted with many supervisory and regulatory functions: — Approving or denying various applications, such as for branches, mergers, bank holding companies, capital stock or debenture issues, and membership in FRS. — Determining margin requirements, ie, the amount of credit that may be extended to purchase or hold equity securities. --Establishing...
Page 24 - Board by the Comptroller of the Currency and the Federal Deposit Insurance Corporation under the Bank Merger Act (12 USC 1828(c)).
Page 39 - Service average annual audit cycle is almost 15 years instead of the 2- to 4-year cycle recommended by its policy. The essence of management control is the action which adjusts operations to conform with prescribed or desired standards or requirements. To take this action, management needs timely and adequate information on performance. In our opinion, Defense managers need to fully understand and recognize the increased risks involved in maintaining reduced audit staffing and increased audit cycles...
Page 12 - Accounting, a career pamphlet developed by the American Accounting Association in cooperation with The American Institute of Certified Public Accountants and The Institute of Internal Auditors, is currently available to high school principals and counselors throughout the country.
Page 3 - ... borrow an additional $3 billion from the US Treasury. Federal Reserve System The Federal Reserve System was created on December 23, 1913, by the Federal Reserve Act (38 Stat. 251; 12 USC 221). The act established Federal Reserve banks, supervised by a Board of Governors to carry out monetary policy and improve the supervision of banking in the United States, as well as provide various central banking services for banks and the US Government. FRS has been entrusted with many supervisory and regulatory...
Page iii - Banks are all organizationally independent, aligned to report to the highest practicable level, and staffed with professionally qualified auditors. In addition, the General Auditors, acting collectively within their Conference of General Auditors, have established a System-wide set of auditing standards which are generally consistent with professional internal auditing standards.
Page 15 - ... to determine that corrective action was taken and is achieving the desired results, or that management has assumed the risk of not taking corrective action on reported findings.
Page 5 - Banks and examined and initialed by each member of the board of directors. Presently, five Board divisions, including the Division of Federal Reserve Bank Operations, conduct reviews of Reserve Bank activities. Since its origin, the Board of Governors' internal control system has not included an independent internal audit group.

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