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Electronic Code of Federal Regulations

e-CFR data is current as of January 23, 2020

Title 12Chapter IPart 150Subpart B → §150.480


Title 12: Banks and Banking
PART 150—FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS
Subpart B—Exercising Fiduciary Powers


§150.480   How do I report the results of the audit?

(a) Annual audit. If you conduct an annual audit, you must note the results of the audit (including significant actions taken as a result of the audit) in the minutes of the board of directors.

(b) Continuous audit. If you adopt a continuous audit system, you must note the results of all discrete audits conducted since the last audit report (including significant actions taken as a result of the audits) in the minutes of the board of directors at least once during each calendar year.

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