Tennessee HB0109 amends financial institution regulations to require annual audits and timely reporting of audit results to the commissioner.

Tennessee HB0109 mandates that all state-chartered banks in Tennessee obtain an annual audit of their financial statements by an independent certified public accountant at least once every calendar year, with intervals not exceeding fifteen months. Banks must provide the commissioner with a copy of the independent external audit, including any management letters, within forty-five days of receiving the audit. Additionally, banks must promptly notify the commissioner when they engage a new independent public accountant or when there is a change or termination of their independent accountant.

Tennessee HB0109 amends financial institution regulations to require annual audits and timely reporting of audit results to the commissioner.

Tennessee HB0109 mandates that all state-chartered banks in Tennessee obtain an annual audit of their financial statements by an independent certified public accountant at least once every calendar year, with intervals not exceeding fifteen months. Banks must provide the commissioner with a copy of the independent external audit, including any management letters, within forty-five days of receiving the audit. Additionally, banks must promptly notify the commissioner when they engage a new independent public accountant or when there is a change or termination of their independent accountant.