Indiana Department of Financial Institutions · IN
DFI FI Update 01-2025 Financial Institution Audit Policy Update
July 1, 2025
Summary
The Indiana DFI has updated its audit policy to extend coverage to credit unions and provide institutions with more flexibility in meeting external audit submission requirements. The policy establishes permissible audit types, allows a one-time 45-day extension for audit report submission, and requires notification of auditor changes and audit period adjustments. These changes aim to streamline compliance while maintaining audit standards.
DFI FI Update 01-2025
Indiana Department of Financial Institutions Members Board Approves Updates to the Policy to Establish Accounting and Auditing Standards for Covered Financial Institutions
November 13, 2025
Summary:
Today, the Indiana Department of Financial Institutions Members Board approved the attached updated Department’s Policy to Establish Accounting and Auditing Standards. An update to the policy was necessary to provide financial institutions with increased flexibility in meeting the external audit submission requirements to the Department, and to include credit unions as a covered financial institution in this policy as a result of an Indiana Code statutory change to IC 28-7-1-18(e), effective July 1, 2025. The policy updates should not alter the audit standards for institutions already operating under the original 2004 policy, and the policy is not expected to significantly change the long-standing audit expectations for the newly covered financial institutions.
Statement of Applicability:
All Indiana state-chartered banks, corporate fiduciaries, credit unions, industrial loan and investment companies, savings associations, and trust companies.
Highlights:
- Expansion of the 2004 policy applicability to now include credit unions, in addition to the previously covered banks, corporate fiduciaries, industrial loan and investment companies, savings associations, and trust companies.
- Identifying the permissible audit type options for an independent external audit of the institution’s financial statements.
- A pathway for a financial institution to petition the Department Director to grant a one-time 45-day extension to the 120-day requirement to submit the external audit report to the Department.
- A requirement to provide the Department with written notification of a change in the independent auditor.
- A requirement for a financial institution to define an Audit Period and notify the Department of any adjustment to the Audit Period.
- A requirement to establish an Audit Policy, taking into account applicable regulatory issuances on Audit.
- A request to submit the Department’s annual Organizational Questionnaire concurrently with the submission of the annual audit information.
Attachment: POL 001-04 Policy to Establish Accounting and Auditing Standards
Future Access: All current DFI policies are located on the Depository Policies and Issuance page of the DFI's website, found at www.in.gov/dfi
Contact(s): Chris Dietz, Depository Institutions Deputy Director
Source: https://www.in.gov/dfi/files/Letter-to-Financial-Institutions-on-2025-Audit-Policy-Update.pdf
Common questions
- What does "DFI FI Update 01-2025 Financial Institution Audit Policy Update" cover?
- The Indiana DFI has updated its audit policy to extend coverage to credit unions and provide institutions with more flexibility in meeting external audit…
- Which agency issued this update?
- This update was issued by Indiana Department of Financial Institutions.
- When was it published?
- It was published on July 1, 2025.