Internal Control Questionnaires and Verification Procedures

Policies

1. Has the board of directors, consistent with its duties and responsibilities, adopted written policies pertaining to guarantees issued that:

   1. Establish procedures for reviewing guarantee applications?

   2. Define qualified guarantee account parties?

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

2. Are guarantees issued policies reviewed at least annually to determine if they are compatible with changing market conditions?

Previous: Guarantees Issued Next: Records