ABC Investments Internal Audit Progress Report

Reporting Period: July 1, 2023 - August 15, 2023

Executive Summary: During the reporting period, the internal audit team at ABC Investments diligently
conducted audits across various departments to assess the effectiveness of
internal controls, compliance with regulatory requirements, and operational
efficiency.

Audit Activities and Scope:

The internal audit team performed audits on the following
areas: financial operations, risk management, IT systems, regulatory compliance,
and internal processes.
A total of 12 audits were initiated, covering critical areas of the bank's
Key Findings:

Loan Processing Audit:

Identified discrepancies in loan documentation. Recommended a centralized document management system to enhance accuracy and efficiency. Investment Management Audit:

Detected inconsistencies in investment portfolio reporting, impacting decision-making. Suggested improved integration between investment tracking software and accounting systems. AML Compliance Audit:

Observed gaps in customer due diligence processes,
potentially exposing the bank to compliance risks.
Proposed enhanced training for staff and updated AML procedures.
IT Systems Audit:

Uncovered vulnerabilities in data access controls,
highlighting potential data breaches.
Advised a comprehensive review of access permissions and regular security assessments.
Process Efficiency Audit:

Identified inefficiencies in the reconciliation process,
leading to delays in financial reporting.
Recommended automation of reconciliation procedures and real-time monitoring.
Progress and Remediation:

Submitted by: Michael Head of Accounting ABC Investments

Date: August 19, 2023

Please let me know if there are any specific details
you would like to add or modify in this progress report, Michael.