Rule 80-13-1-.03 - Trust Company Independent Audits(1) Every trust company shall have an opinion audit of its books and records performed at least annually by a licensed external auditor in accordance with generally accepted auditing standards and procedures. The audit must be of sufficient scope to enable the auditor to render an opinion on the financial statements of the trust company, consolidated holding company, or parent company. Such audit shall include a review of the trust company's internal controls, fiduciary activities (pursuant to agreed-upon procedures), fiduciary accounts, affirmative verifications of investments and deposits made by the trust company, adequate testing and review of the trust company's information technology activities, and such other tests and reviews of trust company records as deemed appropriate by the external auditor. The extent of the audit work should be clearly defined in engagement letters. Such letters should discuss the scope of the audit, the objectives, resource requirements, audit timeframe, and resulting reports. External auditors must make their audit work papers, policies, and procedures available to Department examiners for review upon request.(2) The external auditor should be generally familiar with the statutes, rules, and regulations under which the trust company being audited operates, and with its charter and bylaw provisions. The annual audit should incorporate the necessary procedures to satisfy the auditor that there is compliance with the applicable requirements that might materially affect the trust company's financial position or operation.(3) Audit reports in which the auditor expresses an unqualified opinion shall be provided to the Department upon request. Audit reports in which the auditor expresses anything other than an unqualified opinion, including, but not limited to, a qualified opinion, an adverse opinion, or a disclaimer of opinion, shall be provided to the Department within fifteen (15) days following receipt by the financial institution. Audit reports submitted to the Department shall be accompanied by the Letter to Management, if applicable, detailing any reportable conditions discovered during the audit engagement. Failure to obtain the required opinion audit, or the auditor's report thereof, shall be reported to the Department within fifteen (15) days of discovery.Ga. Comp. R. & Regs. R. 80-13-1-.03
O.C.G.A. § 7-1-61.
Original Rule entitled "Trust Company Independent Audits" adopted. F. June 29, 2017; eff. July 19, 2017.