Effectiveness of the internalaudit function including management focus and action on reports that cited weaknesses and other serious issues to address.
Audit Committee members are required to proactively probe management, internal auditors and external auditors to gain insight and to make oversight decisions that will hold up, if necessary, in court.
Internalaudit is one area that needs improvement, according to the OCC, along with risk management oversight by the Board, asset valuation processes, and model controls and integrity.