Regulatory Alerts2006-01-01
Regulation No. 18 - Audit and Risk Management Standards for Alabama State-Chartered Banks
The Alabama Superintendent of Banks, with the concurrence of the State Banking Board, promulgated Regulation No. 18 to establish minimum audit and risk management standards for state-chartered banks effective January 1, 2006. The regulation mandates that banks conduct annual independent audits or alternative attestation engagements based on asset size and CAMELS ratings, while requiring the Board of Directors to oversee auditor qualifications and ensure access to workpapers for examiners. It further defines specific auditor independence requirements, peer review standards, and filing procedures to ensure compliance with the Alabama Banking Code.
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