12 CFR § 150.440 - When do I have to audit my fiduciary activities?

---
identifier: "/us/cfr/t12/s150.440"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 150.440 - When do I have to audit my fiduciary activities?"
title_number: 12
title_name: "Banks and Banking"
section_number: "150.440"
section_name: "When do I have to audit my fiduciary activities?"
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "150"
part_name: "FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1462a, 1463, 1464, 5412(b)(2)(B)."
regulatory_source: "76 FR 49003, Aug. 9, 2011, unless otherwise noted."
cfr_part: "150"
---


# 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) 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.