12 C.F.R. § 550.440 When do I have to audit my fiduciary activities?
Title 12 - Banks and Banking
(a) Annual Audit. If you do not use a continuous audit system described in paragraph (b) of this section, then you must arrange for a suitable audit of all significant fiduciary activities at least once during each calendar year. (b) Continuous audit. Instead of an annual audit, you may adopt a continuous audit system. Under a continuous audit system, you must arrange for a discrete audit of each significant fiduciary activity (i.e., on an activity-by-activity basis) at an interval commensurate with the nature and risk of that activity. Some fiduciary activities may receive audits at intervals greater or less than one year, as appropriate.
Title 12: Banks and Banking
PART 550—FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
Subpart B—Exercising Fiduciary Powers
Audit Requirements
§ 550.440 When do I have to audit my fiduciary activities?
