In addition to any examination made by the banking division or other supervisory agency, the board of directors shall review the adequacy of the bank's internal controls and cause to be made no less frequently than once each calendar year additional auditing procedures that the board deems to be appropriate. The board shall determine the bank's audit needs and record in the board's minutes the extent to which audit procedures are to be employed. A report which summarizes significant audit findings shall be delivered to the superintendent as soon as practical upon completion.
The superintendent may require that more comprehensive auditing procedures be applied to a bank's account records when deemed necessary. These auditing procedures may range from limited scope agreed-upon procedures to an unqualified audit opinion.
[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]
95 Acts, ch 148, §66; 96 Acts, ch 1056, § 8
Referred to in § 524.604
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