45 Neb. Admin. Code, ch. 12, § 005 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATION FOR DIRECTORS' EXAMINATIONS
005.01 The
Directors' Examination must be conducted in accordance with 45 NAC 11 to be
acceptable.
005.02 An opinion audit
of a bank holding company is acceptable as a Directors' Examination of a
subsidiary bank if:
005.02A the same audit
procedures are applied to the subsidiary bank as if the opinion audit was being
conducted on the subsidiary bank, and
005.02B such is stated in the opinion audit
of the bank holding company.
005.03 The Board of Directors may adopt
external auditing programs as outlined in the "Interagency Policy Statement on
External Auditing Programs of Banks and Savings Associations [Oct. 15, 1999]"
as the minimum requirements for an audit in lieu of provisions outlined in 45
NAC 13. In addition, a financial statement review [hereinafter referred to as
audit] may be performed if procedures are sufficient to identify misstatements
or errors and include verification of accounts as set forth in 45 NAC
13.
Notes
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