Internal Audit. (1) Within ninety (90) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to an independent, internal audit program sufficient to:
(a) detect irregularities in the Bank's operations;
(b) determine the Bank's level of compliance with all applicable laws, rules and regulations;
(c) evaluate the Bank's adherence to established policies and procedures, with particular emphasis directed to the Bank's adherence to its loan policies concerning underwriting standards and problem loan identification and classification;
(d) ensure adequate audit coverage in all areas; and
(e) establish an annual audit plan using a risk based approach sufficient to achieve these objectives.
(2) As part of this audit program, the Board shall evaluate the audit reports of any party providing services to the Bank, and shall assess the impact on the Bank of any audit deficiencies cited in such reports.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
(4) The Board shall ensure that the audit function is supported by an adequately staffed department or outside firm, with respect to both the experience level and number of the individuals employed.
(5) The Board shall ensure that the audit program is independent. The persons responsible for implementing the internal audit program described above shall report directly to the Board, that shall have the sole power to direct their activities. All reports prepared by the audit staff shall be filed directly with the Board and not through any intervening party.
(6) All audit reports shall be in writing. The Board shall ensure that immediate actions are undertaken to remedy deficiencies cited in audit reports, and that auditors maintain a written record describing those actions.
(7) The audit staff shall have access to any records necessary for the proper conduct of its activities. National bank examiners shall have access to all reports and work papers of the audit staff and any other parties working on its behalf.
(8) Upon adoption, a copy of the internal audit program shall be promptly submitted to the Assistant Deputy Comptroller.
Internal Audit. The Official Agency shall conduct internal audits on its official controls and other official activities related to this service contract and will ensure effective action is taken to address the results of these audits. These internal audits will be conducted in accordance with relevant guidelines issued by the European Commission. Such audits are to be carried out in a transparent manner and are subject to independent scrutiny as per Article 6 of Regulation (EU) 2017/625. The Official Agency shall provide the Authority with its annual internal audit programme(s), internal audit reports, corrective action plans and any other documentation related to its internal audit function that falls within the remit of this contract in a timely manner. Progress related to its internal audit activities will be reviewed at liaison meetings and normal communication channels with the Authority.
Internal Audit. (1) Within thirty (30) days, the Board shall review and revise the Bank’s internal audit program and ensure implementation of and Bank adherence to an independent, internal audit program that adequately identifies the Bank’s audit universe and includes a risk-based evaluation of all financial and non-financial areas of the Bank for inclusion in the Bank’s audit plan. The program’s scope, testing, and documentation shall be sufficient to:
(a) ensure the development and maintenance of a risk-based audit plan, covering both financial and non-financial areas of the Bank, that includes risk assessments to support the frequency and scope of reviews for all areas covered by the plan;
(b) ensure that the risk-based audit plan is annually approved by the Board or its designated committee;
(c) ensure that any deviation of sixty (60) days or more from the Board approved audit plan requires, and only occurs with, the prior written approval of the Board or its designated committee;
(d) ensure that the Board or its designated committee maintains a process to track adherence to the approved audit plan;
(e) detect irregularities and weak practices in the Bank's operations;
(f) determine the Bank's level of compliance with all applicable laws, rules and regulations, including consumer compliance and BSA/AML related laws and regulations;
(g) assess and report the effectiveness of policies, procedures, controls, and management oversight relating to each area covered by the audit plan;
(h) evaluate the Bank’s adherence to established policies, procedures and programs, including the Bank’s adherence to the consumer compliance, BSA/AML and third party management programs required to be developed under the terms of this Agreement; and
(i) ensure an appropriate level of testing to support the audit findings in all areas, including in the BSA/AML area, testing that covers the adequacy of the Bank’s:
(i) customer risk identification practices;
(ii) systems for monitoring transactions and accounts for suspicious activity; and
(iii) identification of suspicious activity and compliance with suspicious activity reporting requirements.
(2) As part of this audit program, the Board shall evaluate the audit reports and shall assess the impact on the Bank of any audit deficiencies cited in such reports. If the Board’s designated committee is charged with responsibility for reviewing the audit reports, the committee shall report its findings to the full Board.
(3) The Board shall ensure that...
Internal Audit. The Internal Audit sector renders to THE PARTIES the services consisting in operational review and control.
Internal Audit. The annual National Internal Audit Programme shall be agreed between the Authority and the Local Authority Veterinary Service Technical Liaison Group. If required the Authority may provide the support and resources required to engage a Third Party, working in conjunction with the Official Agency and other Local Authorities to review, prepare and implement the agreed Internal Audit Programme. The Official Agency shall co-operate with the Local Authority Internal Audit group and participate in the National Internal Audit Programme. These internal audits will be conducted in accordance with the guidelines contained in Commission Decision 2006/677/EC. Taking external audit commitments into consideration, the Official Agency shall be subject to at least one internal audit during the term of this contract. The Official Agency shall provide the Authority with copies of internal audit reports, corrective action plans and updates to the corrective action plans carried out under the National Internal Audit Programme. Progress related to its internal audit activities will be reviewed at liaison meetings and normal communication channels with the Authority. The Official Agency shall participate in bilateral or cross agency meetings relating to internal audit.
Internal Audit. (1) Within ninety (90) days of the date of this Agreement, the Bank shall submit to the ADC for review and prior written determination of no supervisory objection an acceptable, comprehensive, written independent internal audit program that adequately assesses controls and operations to allow the Board and management to understand the sufficiency of the Bank’s internal controls system (“Internal Audit Program”).
(2) Management shall ensure the Internal Audit Program complies with the standards for internal audit systems set forth in Section II.B of the Interagency Guidelines Establishing Standards for Safety and Soundness, Appendix A to 12 C.F.R. Part 30. Refer to the “Internal and External Audits” booklet of the Comptroller’s Handbook for related safe and sound principles. The Internal Audit Program shall incorporate standards of safety and soundness that are commensurate with the Bank’s size, complexity, scope of activities, and risk profile and shall, at a minimum:
(a) Provide an objective, independent review and evaluation of bank activities, internal controls, and management information systems;
(b) require the development of an annual risk assessment of the Bank’s auditable areas, with annual documented Board approval of the risk assessment;
(c) require the development of an internal audit plan that is risk-based and provides adequate audit scope, coverage, and frequency for all areas of the Bank, with annual documented Board approval of the internal audit plan and Board notification of any material variances from the plan;
(d) address the use of third-parties to complete any internal audit activities, including documented Board approval of selection and termination of third-parties; refer to OCC Bulletin 2023-17, “Third-Party Relationships: Interagency Guidance on Risk Management,” for related safe and sound principles;
(e) evaluate the reliability, adequacy, and effectiveness of the Bank’s internal control system, whether owned by the Bank or a third party;
(f) evaluate whether the Bank’s internal controls system results in prompt and accurate recording of transactions and proper safeguarding of assets;
(g) determine whether the Bank complies with laws and regulations and adheres to its established policies, procedures, and processes;
(h) require all internal audits to be supported through adequate transaction testing, which includes documenting the transaction testing methodology, sample size, the accounts and names selected for testing, the docum...
Internal Audit. 10.1 To carry out their duties effectively, Internal Audit staff from partner organisations shall have access upon request to:
Internal Audit. 5.1.1 Mintek recognises the fact that the positive support by all its managers for Internal Audit and its functions, speedy response to, and the addressing of queries raised by Internal Audit is vital to the success of the Plan. Where managers are found to be slow in addressing internal control queries raised by Internal Audit, firm action will be taken.
5.1.2 Mintek will regularly re-emphasise to all managers that consistent compliance by employees with internal control is one of the fundamental controls in place to prevent fraud and corruption. Managers will be encouraged to recognise that internal control shortcomings identified during the course of audits are, in many instances, purely symptoms and that they should strive to identify and address the causes of these internal control weaknesses, in addition to addressing the control weaknesses.
Internal Audit. Procedures The School shall implement the financial controls and audit procedure described in the School’s governing laws and rules, the provision of this Charter and the School’s approved application.
Internal Audit. A report of the internal audit of the charges billed with respect to Illinois by LUCo during the preceding calendar year shall be provided to the ICC’s Accounting Department no later than July 31 of each calendar year. The first such report shall cover the first calendar year beginning after this Agreement is approved by the ICC. The internal audit report shall reflect the results of an internal audit that tests compliance with the processes outlined in the Agreement. Liberty Midstates shall use reasonable efforts to cause the internal audit to test compliance with the following:
(a) Internal controls are adequate to ensure that costs associated with transactions covered by this Agreement are properly and consistently allocated and billed in accordance with this Agreement pursuant to Section 2.2 of the Agreement;
(b) Time reporting of employees of LUCo is properly charged to Liberty Midstates and the hourly rates are calculated pursuant to Section 2.2 of the Agreement;
(c) Allocation factors are sampled to confirm that they are correctly calculated pursuant to Section 2.2 of the Agreement and Item 6 of this Addendum and the sampled allocation factors are updated as required by this Addendum;
(d) All costs charged pursuant to the Agreement are determined in accordance with either a direct or indirect charge and that indirect charges are allocated based on a consistent, predetermined allocation methodology pursuant to Section 2.2 of the Agreement and based on the allocation in effect at the time the service was provided;
(e) Costs charged pursuant to the Agreement comply with Item 3 of this Addendum.
(f) Current policies and procedures regarding this Addendum are readily available to the employees of LUCo and the Receiving Company and current and new employees that perform work under or related to the Agreement are given periodic training in their responsibilities with respect to this Agreement with an emphasis on the importance of assigning time and expenses to the appropriate Receiving Company;
(g) The Billing Report required by Item 8 of this Addendum was timely filed; and
(h) The allocation template and affiliate update required pursuant to Item 7 of this Addendum was timely filed (including updates when there are changes to the Liberty Utilities Entities).
