12 CFR 150.450
§ 150.450 What standards govern the conduct of the audit?
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 150.450, § 150.450 What standards govern the conduct of the audit?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/43747
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Full text
Auditors must follow generally accepted standards for attestation engagements and other standards established by the OCC. An audit must ascertain whether your internal control policies and procedures provide reasonable assurance of three things:
(a) You are administering fiduciary activities in accordance with applicable law.
(b) You are properly safeguarding fiduciary assets.
(c) You are accurately recording transactions in appropriate accounts in a timely manner.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.