12 CFR § 150.480 - How do I report the results of the audit?

---
identifier: "/us/cfr/t12/s150.480"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 150.480 - How do I report the results of the audit?"
title_number: 12
title_name: "Banks and Banking"
section_number: "150.480"
section_name: "How do I report the results 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"
---


# 150.480 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.