Answer:
It might depend on the subject matter and your regulator. I would be asking this question of your EIC as to what they might be expecting in a formal response, if required.
Responding to Exam
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Question:
Our bank received an MRA (Matter Requiring Attention) to establish a testing/audit program due to a vacancy in the internal audit position for some time. We've engaged an external audit firm to perform the audit function starting this year. This firm was already engaged prior to our examination. I've never assisted with a response to an MRA and am wondering what format and information should be provided. Can you please share any key components or advice with me on this topic?
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