---
kind: "section"
citation: "12 C.F.R. § 150.440"
title: "12"
number: "150.440"
heading: "When do I have to audit my fiduciary activities?"
url: "https://uscodex.org/cfr/12/150.440"
---

# §150.440. When do I have to audit my fiduciary activities?

- (a) **Annual audit.** If you do not use a continuous audit system described in [paragraph (b)](#b) of this section, then you must arrange for a suitable audit of all significant fiduciary activities at least once during each calendar year.
- (b) **Continuous audit.** Instead of an annual audit, you may adopt a continuous audit system. Under a continuous audit system, you must arrange for a discrete audit of each significant fiduciary activity (i.e., on an activity-by-activity basis) at an interval commensurate with the nature and risk of that activity. Some fiduciary activities may receive audits at intervals greater or less than one year, as appropriate.

## Notes

### Authority

Authority: 12 U.S.C. 1462a, 1463, 1464, 5412(b)(2)(B).

### Source

Source: 76 FR 49003, Aug. 9, 2011, unless otherwise noted.