Ga. Comp. R. & Regs. R. 80-1-14-.01 - Independent Audits

(1) Every bank shall have an audit of its books and records performed at least annually by independent public accountants in accordance with generally accepted auditing standards. The audit must be of sufficient scope to enable the auditor to render an opinion on the financial statements of the bank or consolidated holding company. Such audit shall include a review of the bank's internal controls and such other tests and reviews of bank records as deemed appropriate by the independent auditor, including verifications of the bank's loan and deposit accounts, review of fiduciary activities (pursuant to agreed-upon procedures) accounts held in a fiduciary capacity, and adequate testing and review of the bank's information technology activities. The extent of audit work should be clearly defined in engagement letters. Such letters should discuss the scope of the audit, the objectives, resource requirements, audit timeframe, and resulting reports. Independent Public Accountants must make their audit work papers, policies, and procedures available to Department examiners for review upon request.

(2) Audit reports in which the auditor expresses an unqualified opinion shall be provided to the Department upon request. Audit reports in which the auditor expresses anything other than an unqualified opinion, including, but not limited to, a qualified opinion, an adverse opinion, or a disclaimer of opinion, shall be provided to the Department within fifteen (15) days following receipt by the financial institution. Audit reports submitted to the Department shall be accompanied by the Letter to Management, if applicable, detailing any reportable conditions discovered during the audit engagement. Failure to obtain the required opinion audit, or the auditor's report thereof, shall be reported to the Department within fifteen (15) days of discovery.

Notes

Ga. Comp. R. & Regs. R. 80-1-14-.01

O.C.G.A. § 7-1-61.

Original Rule entitled "Minimum Standards for Internal Audit" adopted. F. Aug. 28, 1975; eff. Sept. 17, 1975. Amended: F. Nov. 17, 1986; eff. Dec. 7, 1986. Repealed: New Rule entitled "Independent Audits" adopted. F. Jan. 27, 1995; eff. Feb. 16, 1995. Amended: F. July 12, 1999; eff. August 1, 1999. Amended: F. Aug. 22, 2006; eff. Sept. 11, 2006. Amended: F. June 29, 2017; eff. July 19, 2017.