| Subject: |
Bank Audit Policy |
This letter will serve as an addendum to the Financial Institutions
Bureau's Bank Bulletin No. 19, dated September 18, 1978, concerning
Bank Audit Policies.
It is requested that each state-chartered bank forward to
this Bureau copies of all external CPA audits and management
letters, copies of audits conducted by the bank's holding company,
if applicable, and any summary of an internally generated audit
report that is presented to the Board of Directors.
The reason for this request is three fold:
- It will serve to keep the Bureau more fully informed, especially
in these times of economic stress.
- It will help to further refine our coordination efforts
with external CPAs, and our pre-examination planning.
- It will help avoid duplication of effort when a bank has
a comprehensive and effective audit program.
Only reports received by the bank subsequent to the date of this
letter need be sent to the Bureau. Your cooperation is appreciated.
| Signed: |
Richard J. Francis, Commissioner |
| |
Gifford Knudsen, Director, Bank & Trust Division |
| |
|
| Dated: |
January 3, 1980 |
|
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