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Code of Federal Regulations (Last Updated: November 8, 2024) |
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Title 12 - Banks and Banking |
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Chapter V - Office of Thrift Supervision, Department of the Treasury |
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Part 550 - Fiduciary Powers of Savings Associations |
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Subpart B - Exercising Fiduciary Powers |
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Audit Requirements |
§ 550.480 - How do I report the results of the audit?
Latest version.
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§ 550.480 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.