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The U.S. Federal Reserve Sends a Strong Signal on the Value of Internal Auditing

In his blog, IIA President and CEO Richard Chambers, CIA, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:

Every now and then, regulatory bodies around the world issue guidance documents that make a profound statement about internal auditing. Last week, the U.S. Federal Reserve issued some new guidance that clearly falls into that category.

The 15-page document, titled Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing, technically applies only to U.S. banks with assets of US $10 billion or more. However, from my perspective, the Fed has made a powerful statement on the importance of a strong and effective internal audit function in financial services institutions in the “post financial crisis” era.

Read the full Internal Auditor Online blog post from IIA President and CEO Richard Chambers.