Kan. Admin. Regs. § 17-23-5 - Audit of trust activities
(a) The board
of directors, or an audit committee designated by the board of directors, shall
make a thorough examination of the books, records, funds and securities held by
the bank trust department or trust company, in a fiduciary capacity, at each of
the quarterly meetings and the result of such examination shall be recorded in
detail.
(b) If the board, or the
designated committee, selects an auditor, the auditor's findings shall be
reported directly to the board.
(c) In lieu of the required four quarterly
examinations, the board of directors, or an audit committee designated by the
board of directors, may accept one annual audit by a certified public
accountant or an independent auditor approved by the commissioner. All audit
reports and findings shall be reported to the board of directors.
Notes
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