12 CFR § 150.450 - What standards govern the conduct of the audit?

---
identifier: "/us/cfr/t12/s150.450"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 150.450 - What standards govern the conduct of the audit?"
title_number: 12
title_name: "Banks and Banking"
section_number: "150.450"
section_name: "What standards govern the conduct of the audit?"
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"
---


# 150.450 What standards govern the conduct of the audit?

Auditors must follow generally accepted standards for attestation engagements and other standards established by the OCC. An audit must ascertain whether your internal control policies and procedures provide reasonable assurance of three things:

(a) You are administering fiduciary activities in accordance with applicable law.

(b) You are properly safeguarding fiduciary assets.

(c) You are accurately recording transactions in appropriate accounts in a timely manner.