Audit committees.

CFR · 2024-01-01 · US · Title 12

Each Farm Credit bank and association must establish and maintain an audit committee. An audit committee is established by adopting a written charter describing the committee's composition, authorities, and responsibilities in accordance with this section. All audit committees must maintain records of meetings, including attendance, for at least 3 fiscal years. (a) (b) (c) (d) (1) (2) (i) Determine the appointment, compensation, and retention of external auditors issuing audit reports of the institution; (ii) Review the external auditor's work; (iii) Give prior approval for any non-audit services performed by the external auditor, except the audit committee may not approve those non-audit services specifically prohibited by FCA regulation; and (iv) Comply with the auditor independence provisions of part 621 of this chapter. (3)

official document · source cfr-2024 · id 12:§ 620.30