OCC Guidance on National Bank Audit Programs.

• Position: Office of the Comptroller of the Currency - Brief Article

The Office of the Comptroller of the Currency recently released guidance clarifying issues concerning its supervision of national banks' audit programs, including reviews of external audit programs, key independence issues affecting outsourced internal audit activities, and responsibilities of audit committees. The guidance states that an OCC review of a bank's external audit program is not intended to be an "audit of the auditors." Rather, it is an assessment of whether statutory and regulatory requirements for external audits and...