Accredited ACH Professional (AAP) Practice Exam

When must the annual audit be conducted under the Rule Compliance Audit Requirements?

1. No later than October 1

2. No later than November 1

3. No later than December 1

4. No later than January 1

The correct answer is: No later than December 1

The correct timeframe for conducting the annual audit under the Rule Compliance Audit Requirements is indeed December 1. This timing is crucial because it allows organizations sufficient opportunity to review their compliance with NACHA operating rules and make necessary adjustments before the end of the calendar year. Conducting the audit by this date helps ensure that any findings or deficiencies can be addressed in a timely manner, thereby maintaining compliance and avoiding potential penalties. In general, the scheduling of audits is designed to provide businesses clear guidance on compliance timelines, and December 1 serves as a practical deadline for readiness ahead of the new year. This also aligns well with fiscal planning for many organizations, making it a strategic point in the annual business cycle for most entities engaged in ACH transactions.