Federal Reserve regulators are taking a closer look at the effectiveness of both internal and external risk management audits at a number of banks, says board governor Mark W. Olson. Speaking at the Bank Administration Institute’s April audit, compliance and electronic security conference, Olson questioned—in view of some banks’ recent “material financial consequences”—the reliability of attestations their internal auditors have made about the adequacy of measures in place to ensure the institutions’ safety and soundness. The Fed also is reviewing the workpapers of the banks’ external auditors to see whether they reflect adequate scrutiny of risk management practices and what, if any, additional regulatory measures may be necessary to improve audit quality and maintain public and investor confidence in the institutions’ financial security. ( )


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