Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-71. Audits and reports

(a) Except as provided in subsection (c) of this section the board of directors of an association shall cause an annual audit to be made of the books, papers, securities and affairs of an association and the loans thereof and such other matters as the department may require and such audit shall be made by an independent public accountant satisfactory to the department. The department may by regulation establish minimum standards for audits and reports under this subsection (a).

(b) A detailed written report of such audit certified to by the accountant making such audit shall be promptly sent to the department. A signed copy thereof shall be placed on file with the association and noted in its minutes.

(c) In the case of an association which has a system of internal audit control approved by the department no audit under subsection (a) of this section shall be required and in lieu of a report required by subsection (b) the internal auditor of the association shall submit to the board an annual summary of the same matters as those required under subsection (a) of this section. Such report shall set forth the degree of compliance with the approved audit system and shall express the opinion of the internal auditor as to the adequacy of the internal controls. The report shall be kept in the files of the association and a copy shall be filed with the department.