The asset management booklet of the Comptroller’s Handbook, a compendium of guidance for federal bank examiners, has been updated to clarify the agency’s expectations regarding fiduciary audit requirements, according to a bulletin Thursday.
The updated booklet replaces the booklet of the same title issued December 2000, the Office of the Comptroller of the Currency (OCC) said in Bulletin 2023-20.
The agency said the updated booklet expands the audit section to:
- clarify the meaning of “significant fiduciary activities” and the OCC’s expectations regarding the frequency of audits under a continuous audit system;
- incorporate guidance on audit oversight, requirements, risk assessment, planning, independence, and reporting expectations;
- add language from 12 CFR 150 that applies to federal savings associations;
- outline audit committee membership requirements and responsibilities;
- clarify determination of audit scope and coverage;
- define a robust, well-documented, risk assessment that supports significant fiduciary activities and development of a meaningful audit plan.