On December 30, 2017, the federal Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2016-47, Revised Comptroller’s Handbook Booklet and Rescissions. The handbook is the official field guide for federal bank examiners. The update consolidates 13 years of policy changes and guidance to create a single source of truth for all audit-related supervisory matters going forward. Taken as a whole, OCC Bulletin 2016-47 paints a picture of the escalating expectations and responsibilities placed on internal and external auditors, particularly in the years since the 2008 financial collapse.
Further, the bulletin expands the definition of internal audit to include consultation and advisory services, and emphasizes the internal auditor’s role in risk assessment and assurance. This article highlights the changes to the bulletin.