Okla. Admin. Code § 85:10-5-1

Current through Vol. 42, No. 6, December 2, 2024

Section 85:10-5-1 - Internal controls

(a) The Board of Directors of every state chartered bank and trust company shall adopt and reduce to writing, and maintain thereafter, standards and procedures for an internal control program, which shall contain as a minimum those standards and procedures as outlined in this Subchapter.

(b) The internal control program shall be made available to the regulatory authorities for review and also the bank's or trust company's bonding company for review.

(c) The board of directors of every state chartered bank and trust company shall elect a control officer or auditor annually to serve at the pleasure of the board. Such a person shall be charged with implementation of the bank's or trust company's internal control program. The control officer or auditor, who shall be someone other than the chief executive officer, shall report a summary of control activities to the board of directors or committee thereof, periodically, as required in rule 85:10-5-3.

(d) The control officer or auditor may, with the approval of the board of directors, outsource the performance of the procedure of the internal control program. Outsourcing occurs when the state chartered bank or trust company engages an independent public accounting firm or other outside professionals as described in rule 85:10-7-1 to perform the procedures required by the internal control program.

Okla. Admin. Code § 85:10-5-1

Amended at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff 5-25-08