In addition to any examination made by the superintendent or other supervisory agencies, the board of directors shall employ at least one of the methods described in this section.
1. An examining committee of not less than two members of the board of directors, who are not officers, shall examine the condition of the state bank at least once each six months, and submit a written report of each examination to the board of directors, who shall record the report in their minutes and deliver a copy of the report to the superintendent. The superintendent shall establish minimum standards for such examinations.
2. The board of directors may employ a certified public accountant or a firm of such accountants to perform certain auditing functions for a state bank during each year, according to generally accepted methods of accounting practice. The superintendent may establish minimum standards for such auditing functions. The report of the accountants shall be submitted to the board of directors, and a copy of the report shall be delivered to the superintendent.
3. The board of directors may establish an autonomous internal audit control system which shall be subject to approval of the superintendent. The individual directing the internal audit control system shall submit to the board of directors each quarter an interim report as to the degree of compliance with the internal audit control system and shall express an opinion as to the adequacy of the internal controls. A complete report shall be submitted annually to the board of directors, who shall record the report in their minutes and deliver a copy of the report to the superintendent.
[C97, § 1871; S13, § 1871; C24, 27, § 9224, 9225; C31, 35, § 9224-c1, 9225, 9226; C39, § 9224.1, 9225, 9226; C46, 50, 54, 58, 62, 66, § 528.17, 528.19, 528.20; C71, 73, 75, 77, 79, 81, § 524.608]
Referred to in § 524.604
Iowa General Assembly
Search: Iowa Code 1995
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