Rule 80-13-1-.04 - The Internal Auditor of a Trust Company(1) Internal Audit System. An institution should have an internal audit system that is appropriate to the size of the institution and the nature and scope of its activities. The internal audit system should consist of qualified persons. The internal audit system shall provide for:(a) Adequate monitoring of the system of internal controls through an internal audit function;(b) Adequate testing and review of information systems;(c) Adequate documentation of tests and findings and any corrective actions;(d) Verification and review of management actions to address material weaknesses; and(e) Review by the institution's audit committee or board of directors of the effectiveness of the internal audit systems.(2) The Board of Directors of every trust company shall name an internal auditor. If the trust company names an employee as the internal auditor, then the internal auditor must not audit his/her department.(3) The internal auditor shall: (a) Report a summary of audit activities to the Board of Directors at least annually;(b) Implement the trust company's internal audit program; and(c) Monitor the implementation of corrective action with respect to audit exceptions, including but not limited to internal control exceptions, discovered by the internal audit program or reported by the independent auditor.(4) A trust company can designate an external auditor as its internal auditor. In the event an external auditor is designated as the internal auditor, then the Board of Directors or the audit committee must appoint an internal liaison among the officers of the trust company that will be responsible for coordinating the internal audit function with the external auditor and overseeing compliance with the internal audit requirements.Ga. Comp. R. & Regs. R. 80-13-1-.04
O.C.G.A. § 7-1-61.
Original Rule entitled "The Internal Auditor of a Trust Company" adopted. F. June 29, 2017; eff. July 19, 2017.