The security audit of the TrueCrypt code has been completed (see here for the first phase of the audit), and the results are good. Some issues were found, but nothing major. The TL;DR is that based on this audit, Truecrypt appears to be a relatively well-designed piece of crypto software.
Binary Blogger has spent 20 years in the Information Security space currently providing security solutions and evangelism to clients. From early web application programming, system administration, senior management to enterprise consulting I provide practical security analysis and solutions to help companies and individuals figure out HOW to be secure every day.