---
kind: "section"
citation: "12 C.F.R. § 150.480"
title: "12"
number: "150.480"
heading: "How do I report the results of the audit?"
url: "https://uscodex.org/cfr/12/150.480"
---

# §150.480. How do I report the results of the audit?

- (a) **Annual audit.** If you conduct an annual audit, you must note the results of the audit (including significant actions taken as a result of the audit) in the minutes of the board of directors.
- (b) **Continuous audit.** If you adopt a continuous audit system, you must note the results of all discrete audits conducted since the last audit report (including significant actions taken as a result of the audits) in the minutes of the board of directors at least once during each calendar year.

## 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.