Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) As used in this section, "independent auditor" means an external, unaffiliated auditor who has a certified public accounting designation that qualifies the person to provide an auditor's report.
(B) The superintendent of financial institutions may, when circumstances warrant, require a bank or trust company to have an independent auditor conduct agreed upon procedures prescribed by the superintendent. The independent auditor shall be retained, and the expense of the agreed upon procedures shall be paid, by the bank or trust company. The agreed upon procedures shall be conducted in accordance with standards established by the American institute of certified public accountants.
(C) The board of directors of the bank or trust company shall, within sixty days after receipt of the report prepared by the independent auditor for the agreed upon procedures conducted pursuant to this section, prepare a response to the report and file the report and the board's response with the superintendent. A report and response filed with the superintendent pursuant to this section may be disclosed only as provided in section 1121.18 of the Revised Code.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1121 | Banks - Superintendent's Powers
Section 1121.01 | Banks - Superintendent's Powers Definitions.
Section 1121.02 | Superintendent and Deputy Superintendent for Banks - Powers and Duties.
Section 1121.03 | Adoption of Administrative Rules.
Section 1121.05 | Granting Rights to Financial Institutions.
Section 1121.06 | Reducing Disadvantage to Ohio Bank or Trust Company.
Section 1121.10 | Examining Records and Affairs.
Section 1121.101 | Frequency of Bank Examinations.
Section 1121.11 | Alternate, Joint or Concurrent Examinations.
Section 1121.12 | Examining Person Who, Directly or Indirectly, Controls Bank.
Section 1121.13 | Examining Other Corporate Persons Who, Directly or Indirectly, Control Banks.
Section 1121.15 | Maintaining Books and Accounts.
Section 1121.16 | Prohibited Acts; Violations.
Section 1121.17 | Executing Documents.
Section 1121.18 | Confidentiality.
Section 1121.19 | Self-Assessment Report.
Section 1121.21 | Reporting Condition and Income.
Section 1121.23 | Criminal Records Check to Be Requested by Superintendent.
Section 1121.24 | Fee; Incomplete Application or Notice of Proposed Action or Transaction.
Section 1121.25 | Request for Confidentiality.
Section 1121.26 | Considering Impact of Proposed Action or Transaction.
Section 1121.27 | Reasonable and Necessary Conditions.
Section 1121.29 | Assessments.
Section 1121.32 | Notice of Charges and Intent to Issue Cease and Desist Order.
Section 1121.35 | Civil Penalty.
Section 1121.37 | Serving Notice.
Section 1121.38 | Administrative Hearing.
Section 1121.39 | Notice Served Within 6 Years of Resignation, Termination or Separation.
Section 1121.41 | Notice of Charges and Intent to Issue Supervision Order.
Section 1121.43 | Monthly Publication by Superintendent of Violations.
Section 1121.45 | Meeting With Regulated Persons.
Section 1121.47 | Superintendent - Order and Subpoena Powers.
Section 1121.48 | Suits and Court Proceedings.
Section 1121.50 | Independent Auditor.
Section 1121.51 | Action to Secure Condition of Assets.