Determine the quality of oversight and support provided

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Reference no: EM132779275

Problem 1: Why the following procedure is important to "Determine the quality of oversight and support provided by the board of directors and management."

Procedures:

Review the disaster recovery plan for the funds transfer system (FTS) to ensure it is reasonable in relation to the volume of activity, all units of the FTS are provided for in the plan, and the plan is regularly tested.

Reading Resource:

State the objective of the procedure and why it is important information for an auditor/examiner. The objectives can found in the FFIEC wholesale/retail payment systems booklets at the end of chapter in Appendix A. Locate the page number(s) in the FFIEC wholesale/retail payment systems booklets where the underlying topics for the procedure is covered and record the page number(s).
From the FFIEC wholesale/retail payment systems booklets state and explain why this procedure is being performed, including a discussion of the risks/issues that the procedure is designed to address. If the procedures addresses such risks/issues as appropriate policies or internal controls established by an auditee, explain the significance of lack of compliance. Remember to review the pages in the FFIEC wholesale/retail payment systems booklets before answering this question.

Reference no: EM132779275

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