Regulatory Alerts2016-06-09
Minimum Audit Requirements
The Oklahoma Superintendent of Banks mandates that banks maintain a written internal audit program approved by the Board of Directors to safeguard assets and reduce violations. The guidelines specify mandatory quarterly functions, such as reconciling accounts and verifying cash, alongside annual duties including policy reviews and verification of securities and loan participations. Compliance is achieved by meeting these minimum sampling and verification standards, although an unqualified external audit opinion from a CPA firm may serve as an acceptable alternative.
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