Section 8156 Of Article 4. Reports And Examinations From California Financial Code >> Division 2. >> Chapter 7. >> Article 4.
8156
. (a) Each association shall at least annually cause its books
and accounts to be audited at its own expense by a certified public
accountant or firm of certified public accountants selected by the
association and approved by the commissioner.
(b) The annual audit date and audit period shall be approved in
writing by the commissioner prior to commencement of the audit.
(c) Each savings association which engages certified public
accountant services for any audit shall transmit to the accountant or
accountants copies of the most recent report of condition made by
the association pursuant to state or federal law and a copy of the
most recent report of examination received by the savings
association.
(d) In addition to the copies of the reports required to be
provided pursuant to subdivision (c), each savings association shall
provide the auditing accountant or accountants with all of the
following:
(1) A copy of any supervisory memorandum of understanding with the
association and any written agreement between the association and
any federal financial regulatory agency or the commissioner which is
in effect during the period covered by the audit.
(2) A report of any action initiated or taken pursuant to
subdivisions (a), (b), (c), (e), (g), (i), or (s) of Section 8 of the
Federal Deposit Insurance Act (12 U.S.C. 1818), and a report of any
action taken by the commissioner pursuant to Section 8200 or 8201, or
any other civil monetary penalty assessed under any provision of law
with respect to the savings association or any
institution-affiliated party.
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