Ohio § 1121.50 Independent auditor

Ohio Statutes

§ 1121.50 — Independent auditor

Ohio § 1121.50

Title 11Banks-Savings and Loan Associations

Ch. 1121Banks - Superintendent's Powers

This text of Ohio § 1121.50 (Independent auditor) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1121.50 (2026).

Text

(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

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(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 section1121.18of the Revised Code.