Internal Control Questionnaires and Verification Procedures

Policies

1. Has the board of directors, consistent with its duties and responsibilities, adopted written bankers’ acceptance policies that:

   1. Establish procedures for reviewing bankers’ acceptance applications?

   2. Define qualified customers?

   3. Establish minimum standards for documentation in accordance with the Uniform Commercial Code?

2. Are bankers’ acceptance policies reviewed at least annually to determine if they are compatible with changing market conditions?

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