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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-113

Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit. A committee of the board of directors, excluding any active officers of the trust department, of every…

Source excerpt

auditboard committee dutiesexamination substitutionfiduciary complianceregulatory reportingtrust business audittrust business operationstrust companytrust company governance
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit. A committee of the board of directors, excluding any active officers of the trust department, of every trust company”

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Subsection 7-5-113(1)(a)

conduct an audit of the trust business operations of the trust company; or cause that auditors responsible only to the board of directors conduct a suitable audit; and

Section 7-5-113(1)(a)

Subsection 7-5-113(1)(a)(ii)

The provision says to cause auditors responsible only to the board of directors to conduct a suitable audit.

Section 7-5-113(1)(a)(ii)

Subsection 7-5-113(1)(b)

Using audit findings, assess whether the trust company conducts its trust business operations in accordance with law and sound fiduciary principles.

Section 7-5-113(1)(b)

Subsection 7-5-113(3)

The requirements in Subsection (1) do not apply if the trust company is examined by the state or another agency that regulates trust companies during the same 15-month period.

Section 7-5-113(3)

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Source record from le.utah.gov · Legal dates not recorded

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Showing 8 of 8 provisions

Provision 8

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-113Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.Provision

Source excerpt

Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit. A committee of the board of directors, excluding any active officers of the trust department, of every trust company

Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit. A committee of the board of directors, excluding any active officers of the trust department, of every trust company shall, at least once during a 15-month period: conduct an audit of the trust business operations of the trust company; or cause that auditors responsible only to the board of directors conduct a suitable audit; and using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles. Upon request, the committee of the board of directors shall make available a report of the audit described in Subsection (1) , including any action the committee of the board of directors takes as a result of the audit, to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies. The requirements of Subsection (1) do not apply if the state or other agency that regulates trust companies conducts an examination of the trust company during the same 15-month period.
Section 7-5-113Verify source
§ 7-5-113(1)Subsection 7-5-113(1)Provision

Source excerpt

A trust company board committee, excluding active trust department officers, must at least once every 15 months audit the trust business or arrange for board-only auditors to do so, and use the audit findings to check legal and fiduciary compliance.

A committee of the board of directors, excluding any active officers of the trust department, of every trust company shall, at least once during a 15-month period: conduct an audit of the trust business operations of the trust company; or cause that auditors responsible only to the board of directors conduct a suitable audit; and using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles.
Section 7-5-113(1)Verify source
§ 7-5-113(1)(a)Subsection 7-5-113(1)(a)Provision

Source excerpt

conduct an audit of the trust business operations of the trust company; or cause that auditors responsible only to the board of directors conduct a suitable audit; and

conduct an audit of the trust business operations of the trust company; or cause that auditors responsible only to the board of directors conduct a suitable audit; and
Section 7-5-113(1)(a)Verify source
§ 7-5-113(1)(a)(i)Subsection 7-5-113(1)(a)(i)Provision

Source excerpt

conduct an audit of the trust business operations of the trust company; or

conduct an audit of the trust business operations of the trust company; or
Section 7-5-113(1)(a)(i)Verify source
§ 7-5-113(1)(a)(ii)Subsection 7-5-113(1)(a)(ii)Provision

Source excerpt

The provision says to cause auditors responsible only to the board of directors to conduct a suitable audit.

cause that auditors responsible only to the board of directors conduct a suitable audit; and
Section 7-5-113(1)(a)(ii)Verify source
§ 7-5-113(1)(b)Subsection 7-5-113(1)(b)Provision

Source excerpt

Using audit findings, assess whether the trust company conducts its trust business operations in accordance with law and sound fiduciary principles.

using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles.
Section 7-5-113(1)(b)Verify source
§ 7-5-113(2)Subsection 7-5-113(2)Provision

Source excerpt

On request, the board committee must provide the audit report from Subsection (1), including any action taken because of the audit, to the commissioner, the commissioner’s examiners, or other trust company regulating agency examiners.

Upon request, the committee of the board of directors shall make available a report of the audit described in Subsection (1) , including any action the committee of the board of directors takes as a result of the audit, to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies.
Section 7-5-113(2)Verify source
§ 7-5-113(3)Subsection 7-5-113(3)Provision

Source excerpt

The requirements in Subsection (1) do not apply if the trust company is examined by the state or another agency that regulates trust companies during the same 15-month period.

The requirements of Subsection (1) do not apply if the state or other agency that regulates trust companies conducts an examination of the trust company during the same 15-month period.
Section 7-5-113(3)Verify source

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