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Audit Report Office of Inspector General - Treasury Department

Audit Report Office of Inspector General - Treasury Department 2025

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The audit report OIG-15-031 reviews the failure of The National Republic Bank of Chicago (NRB), which was closed by the Office of the Comptroller of the Currency (OCC) on October 24, 2014, due to a material loss estimated at $111.6 million to the Deposit Insurance Fund. The report identifies key causes for NRB's failure, including undue influence by the chairman over bank operations, deficient management oversight, improper credit administration processes, aggressive growth in commercial real estate loans without adequate risk management, and reliance on brokered deposits. While OCC's supervision did not prevent the loss, it was deemed appropriate as they timely addressed issues and imposed corrective actions. The report concludes without recommendations for OCC.

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Click ‘Get Form’ to open it in the editor.
Begin with the 'Audit Report' section. Fill in the date and title, ensuring accuracy as this sets the context for your report.
Proceed to the 'Causes of NRB’s Failure' section. Here, summarize key findings regarding management oversight and governance issues.
In the 'Improper Credit Administration Processes' section, detail any identified deficiencies in credit management practices.
Continue to 'Aggressive Growth and High Concentration in CRE Loans'. Provide insights on risk management failures and their implications.
Complete the appendices by including objectives, scope, methodology, and any relevant comments from management.

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Who is in control of the treasury?

Scott Bessent. On January 28, 2025, Scott Bessent was sworn in as the 79th Secretary of the Treasury of the United States.

Who audits the Department of Treasury?

The Treasury OIG provides independent oversight of the Department and all of its bureaus except the Internal Revenue Service and activities related to the Troubled Asset Relief Program.

What is the Treasury Inspector General for Tax Administration audit?

TIGTAs Office of Investigations protects the integrity of the IRS and its ability to collect tax revenue. It investigates allegations related to fraud, waste, abuse, and mismanagement concerning IRS activities, and protects the IRS against external attempts to corrupt, threaten, or interfere with its employees.

Does the Treasury get audited?

The Department of the Treasury, in coordination with the Office of Management and Budget (OMB), prepares the Financial Report, which includes the financial statements for the U.S. Government. The Government Accountability Office (GAO) is required to audit these statements.

What are the 4 types of audit?

The four types of audits are financial audits, internal audits, compliance audits, and performance audits. Financial audits examine the accuracy of financial statements and records. Internal audits evaluate an organizations internal controls and risk management processes.

Has the treasury department ever been audited?

In accordance with Government Auditing Standards, we have audited the accompanying financial statements of the Department of the Treasury Forfeiture Fund (the Fund), which comprise the balance sheets as of September 30, 2023 and 2022, and the related statements of net cost, changes in net position, and budgetary

What is an OIG audit?

An Office of Inspector General (OIG) audit is part of the Departments system of checks and balances. An audit is designed to complement other management evaluations and to provide constructive recommendations for enhanced operational performance.

Who audits the treasury?

Office of Audit. The Treasury OIG provides independent oversight of the Department and all of its bureaus except the Internal Revenue Service and activities related to the Troubled Asset Relief Program.

Audit Report Office of Inspector General - Treasury Department 2025

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