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.

thanks

The need for a "directors audit" is usually a State requirement.

A directors exam would be governed by your regulator. Since you are a national bank talk with your EIC from the OCC.

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.