We are all well aware that a strong system of internal control is the foundation for the safe and sound operation of the financial organization. Furthermore, a financial institution's board of directors is responsible for setting the control environment, and senior managers are responsible for laying down the internal control process.
Recognizing that responsibility, I would not be surprised if boards of directors and senior managers are asking their external auditors to review the internal audit function and recommend improvements in light of the changed business environment post-September 11.