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#2121186 - 03/08/17 11:17 PM External Audit - timing
compliance audit Offline
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Joined: Sep 2015
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We are a national bank with assets under 500M - we have an internal audit department that performs safety and soundness as well as compliance audits. Does anyone know if we are required to periodically have an external audit - I believe they used to be called directors audits.


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#2121198 - 03/09/17 12:10 PM Re: External Audit - timing compliance audit
rlcarey Online
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Joined: Jul 2001
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Galveston, TX
The need for a "directors audit" is usually a State requirement.
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#2121205 - 03/09/17 01:19 PM Re: External Audit - timing compliance audit
osucpa Offline
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Joined: May 2011
Posts: 1,403
A directors exam would be governed by your regulator. Since you are a national bank talk with your EIC from the OCC.

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#2121206 - 03/09/17 01:23 PM Re: External Audit - timing compliance audit
edAudit Offline
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Joined: Jul 2008
Posts: 4,781
You are here
While a directors audit may be required

IIA standard 1312 has the requirement for periodic external audit. It is not limited to banking. I am not sure where you are but conformance with IIA standards is a big NY thing with examiners.
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