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GGD-80-46 1 (1980-03-04)

handle is hein.gao/gaobabahi0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548 GENERAL GOVERNMENT OIVI340N MARCH 4, 1980 B-197162 The Honorable Irvine H. Sprague N/ H Chairman, Federal Deposit Insurance 111692 Corporation Dear Mr. Sprague: Subject: 'Opportunities to further strengthen internal auditing in the Federal Deposit Insurance Corporatio-(GGD-80-46) Although the Federal Deposit Insurance Corporation has made significant progress toward establishing an effective internal audit function, some improvements are needed. Our assessment of the Corporation's Office of Corporate Audits (OCA) was made under internal audi-ting standards widely accepted by private industry and government. Management has provided OCA with sufficient organiza- tional independence, as OCA reports directly to the Board of Directors. Management has also assigned OCA broad re- view responsibilities and established an effective mechan- ism for following up audit report recommendations. OCA has assembled a qualified staff, encouraged staff training, and provided Corporation management with useful reports, which have contributed to changes in management policies and procedures. While progress has occurred, we suggest improvements in six areas: --Audit report clarity and conciseness. Most CCA re- port users and our professional writing consultant believe that the clarity and conciseness of reports, particularly in the presentation of audit findings, can be improved. --Audit report timeliness. OCA report users believe that the reports are of limited usefulness to man- agement because report preparation takes too long to complete. (233030)