Purpose of Audit
The Virtual Supervisory Information on the
Net Application (ViSION) is a major
application that provides access to financial,
examination, and supervisory information on
financial institutions. In July 2004, we issued
Audit Report No. 04-027, entitled, FDIC’s
Virtual Supervisory Information on the Net
Application (ViSION). The report made
recommendations to improve key management
and operational controls that provide security
for ViSION.
The objective of this follow-up audit was to
determine the adequacy of the progress that the
FDIC has made in implementing the agreed-to
corrective actions from our prior audit report
and the effectiveness of those actions
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Results of Audit
The FDIC has made substantial progress in
implementing corrective action addressing the
recommendations in the prior audit report. All of the
recommendations are considered resolved.
Five of the six recommendations are closed, and
corrective action on the remaining open
recommendation is expected to be completed by the
end of March 2005.
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