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A financial institution's internal auditors should conduct
periodic independent reviews of the funds transfer operation,
including all pertinent internal policies and procedures. An
external audit can supplement or replace internal audit procedures.
Financial institution audits should verify the effectiveness
of the funds transfer control environment and identify funds
transfer deficiencies for correction.
Examiners should perform an evaluation of the institution's
audit function to determine whether audit activities related to
funds transfer operations are comprehensive and effective.
Examiners also should review the auditor's opinion of the
adequacy of accounting records and internal controls for funds
transfer operations. The review of audit procedures should focus