12 CFR 150.440
§ 150.440 When do I have to audit my fiduciary activities?
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 150.440, § 150.440 When do I have to audit my fiduciary activities?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/43746
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Full text
(a) Annual audit. If you do not use a continuous audit system described in paragraph (b) of this section, then you must arrange for a suitable audit of all significant fiduciary activities at least once during each calendar year.
(b) Continuous audit. Instead of an annual audit, you may adopt a continuous audit system. Under a continuous audit system, you must arrange for a discrete audit of each significant fiduciary activity (i.e., on an activity-by-activity basis) at an interval commensurate with the nature and risk of that activity. Some fiduciary activities may receive audits at intervals greater or less than one year, as appropriate.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.