Tennessee SB1280 mandates annual audits for state-chartered banks and requires timely reporting of audit results and accountant changes to the.

Tennessee SB1280 amends the financial institution regulations by requiring all state-chartered banks to undergo an annual audit of their financial statements by an independent certified public accountant. The audits must occur at intervals of no more than fifteen months. Banks must provide the commissioner with a copy of the audit, including any management letters, within forty-five days of receiving it. Additionally, banks must notify the commissioner when they engage a new independent public accountant or when there is a change or termination in their current accountant.

Tennessee SB1280 mandates annual audits for state-chartered banks and requires timely reporting of audit results and accountant changes to the.

Tennessee SB1280 amends the financial institution regulations by requiring all state-chartered banks to undergo an annual audit of their financial statements by an independent certified public accountant. The audits must occur at intervals of no more than fifteen months. Banks must provide the commissioner with a copy of the audit, including any management letters, within forty-five days of receiving it. Additionally, banks must notify the commissioner when they engage a new independent public accountant or when there is a change or termination in their current accountant.