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Table 3: Internal Audits

OSFI's internal Audit and Consulting Services Group conducts regular internal audits as per its audit plan and posts the results of these audits on OSFI's web site under About OSFI / Reports / Internal Audit Reports. Management's response to any identified issues is contained in each report.

Upcoming Internal Audits (2007-2008*)

Name of Internal Audit

Audit Type 

Status

Expected Completion Date

Link to Report

Actuarial Division - Life Supervisory Support

Regulatory Process

In progress

Q4 2007/08

Will be published on OSFI Web site
IT Infrastructure

Support Services

In progress

Q1 2008/09

Will be published on OSFI Web site
Legislative and Regulatory Approvals Process

Regulatory Process

In progress

Q4 2007/08

Will be published on OSFI Web site
HR Planning

Support Services

Planned

Q1 2008/09

Will be published on OSFI Web site
Financial Conglomerates Group - Knowledge of Business Follow-up

Regulatory Process

In progress

Q3 2007/08

Will be published on OSFI Web site
Financial Conglomerates - Life

Regulatory Process

Planned

Q1 2008/09

Will be published on OSFI Web site

* OSFI's audit schedule is approved one year at a time, and the audits listed above were approved as part of the 2007-2008 audit schedule. The 2008-2009 Internal Audit Plan is to be approved by the Audit Committee in Q4 2007-2008 and will be published on OSFI's Web site once approved. It will contain a schedule of audits to be undertaken in 2008-2009.

Completed Internal Audits (completed in I or II or III Quarter 2007-2008)

Name of Internal Audit

Audit Type

Status

Completion Date

Link to Report

Financial Institutions Group - Deposit-Taking Institutions Review

Regulatory Process

Completed

June 2007

Published on
OSFI Web site
OSFI Staffing Process

Regulatory Process

Completed

October 2007

Published on
OSFI Web site
Supervision Support Group - Credit Risk Division Review

Regulatory Process

Completed

December 2007

Will be published on OSFI Web site
OSFI Planning Review

Regulatory Process

Completed

December 2007

Will be published on OSFI Web site