Common use of Internal Audit Clause in Contracts

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:

Internal Audit. (1) Within thirty (30) days, the Board shall review and revise adopt changes to the Bank’s 's internal audit program program, and the Bank shall implement and thereafter ensure implementation of and Bank adherence to an independent, a revised independent internal audit program that adequately identifies is consistent with the Bank’s audit universe and includes a risk-based evaluation of all financial and non-financial areas Internal Audit Section of the Bank Office of Thrift Supervision ("OTS") Handbook, Section 355(February 2002), the Standards for inclusion in the Bank’s audit plan. The program’s scopeInternal Audit Systems at 12 C.F.R. Part 170, testingAppendix A, and documentation shall be sufficient toany subsequent OCC guidance that includes at a minimum:

Internal Audit. (1) Within thirty sixty (3060) days, the Board shall review and revise the Bank’s its independent internal audit program and to 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 planprogram is independent. The program’s scopepersons responsible for implementing the internal audit program described above shall report directly to the Board, testingor its Audit Committee, which shall have the sole power to direct their activities. All reports prepared by the audit staff shall be filed directly with the Board, or its Audit Committee, and documentation shall be sufficient to:not through any intervening party.

Internal Audit. (1) Within thirty (30) days, the Board shall review and revise adopt changes to the Bank’s internal audit program program, and the Bank shall implement and thereafter ensure implementation of and Bank adherence to an independent, a revised independent internal audit program that adequately identifies is consistent with the Bank’s audit universe and includes a risk-based evaluation of all financial and non-financial areas Internal Audit Section of the Bank Office of Thrift Supervision (“OTS”) Handbook, Section 355(February 2002), the Standards for inclusion in the Bank’s audit plan. The program’s scopeInternal Audit Systems at 12 C.F.R. Part 170, testingAppendix A, and documentation shall be sufficient toany subsequent OCC guidance that includes at a minimum: