Audit is the final line of defense in ensuring compliance with regulatory and statutory requirements.  The audit function can exist in-house, or can be effectively outsourced to a third-party provider, in accordance with regulatory guidance detailing such outsourcing.  Performing the audit function requires attention, detail, and knowledge of all institution operational areas and all of the requirements for those areas.  The Audit Function begins with the Risk Assessment, continues with audits, reports, and workpapers, and continues to Audit Reporting and Tracking and Remediation of Audit findings.