---
kind: "section"
citation: "12 C.F.R. § 150.470"
title: "12"
number: "150.470"
heading: "Who directs the conduct of the audit?"
url: "https://uscodex.org/cfr/12/150.470"
---

# §150.470. Who directs the conduct of the audit?


Your fiduciary audit committee directs the conduct of the audit. Your fiduciary audit committee may consist of a committee of your directors or an audit committee of an affiliate. There are two restrictions on who may serve on the committee:

- (a) Your officers and officers of an affiliate who participate significantly in administering your fiduciary activities may not serve on the audit committee.
- (b) A majority of the members of the audit committee may not serve on any committee to which the board of directors has delegated power to manage and control your fiduciary activities.

## 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.