Information Technology Auditors, qualifications for being hired to perform audits on state chartered financial institutions specified

HB 587 establishes specific qualifications for information technology (IT) auditors. This bill directly affects independent IT auditors hired by state-chartered financial institutions or their subcontractors to perform IT audits required by state or federal regulators. To qualify, these auditors must be independent third parties, hold professional certifications like CISA or CISSP, and have at least five years of experience in an IT-related field or a financial institution. They must also hold a certification specified by the Alabama Credit Union Administration or the State Banking Department. These requirements do not apply to IT audits performed internally or by state or federal government agencies, and the bill is set to become effective on October 1, 2025.