A. An audit of the affairs of the bank including an out-of-state bank shall be made annually as of the end of its fiscal year by or under the direction of the board of directors. The deputy director may prescribe certain minimum requirements of the audit and shall require the filing of a copy of the report covering the audit with the deputy director. The audit shall be filed with the deputy director not more than one hundred twenty days after the end of the bank’s or out-of-state bank‘s fiscal year, unless the deputy director extends the time period for good cause shown. The audit is not a substitute for or in lieu of the examination by the deputy director required by section 6-122.

Terms Used In Arizona Laws 6-186

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Home state: means the state that has granted the bank its charter, permit or license to operate. See Arizona Laws 6-101
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Out-of-state bank: means a bank, savings bank or savings and loan association that is approved by the deputy director pursuant to section 6-322 and that has a charter, a permit or any other license to operate that is issued by a state other than this state. See Arizona Laws 6-101

B. An out-of-state bank may satisfy an audit requirement by filing with the deputy director a copy of the audit report that is required by its home state regulator within fifteen days after filing that report with the home state.