UCF ID: 01196 |
Control Type: Process or Activity |
Status: Live |
Supporting and supported controls
This control directly supports:
- • Review external auditor outsourcing contracts and engagement letters. [UCF Control ID 01189]
There are no supporting controls.
Authority documents complied with:
FFIEC IT Examination Handbook – Audit, August 2003, Pg 23, Exam Tier I Obj 11.2
Banking and Finance Guidance
The external auditor contract should include procedures for resolving problems and determining who will pay the cost of damages in cases of errors, omissions, or negligence. [Pg 23, Exam Tier I Obj 11.2, FFIEC IT Examination Handbook – Audit, August 2003]
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