Nebraska Administrative Code
Topic - BANKING AND FINANCE, DEPARTMENT OF
Title 45 - BANKING RULES
Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS
Section 45-12-005 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATION FOR DIRECTORS' EXAMINATIONS

Universal Citation: 45 NE Admin Rules and Regs ch 12 ยง 005

Current through March 20, 2024

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.

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