We are examined by the Federal Reserve Bank. They are asking us the following question
Has an independent review (external directorsâ€™ examination or via an internal audit function) of Regulation II been completed and did it indicate compliance?
We have not performed an audit but I don't see that an audit is required per the regulation. Has anyone else been asked this by their examiner?
Does anyone have an audit program covering Regulation II that they would be willing to share?