Which regulation specifically governs the management of savings accounts?

Regulation D is the correct response as it specifically governs limits on the availability of certain types of transactions associated with savings accounts. This regulation imposes restrictions on the number of withdrawals or transfers that can be made from a savings account during a specific period, which helps the Federal Reserve manage monetary policy and influences liquidity in financial systems.

In essence, Regulation D is designed to differentiate between transaction accounts, which can have unlimited withdrawals, and savings accounts, which are subject to restrictions. By understanding the specific functions and stipulations of Regulation D, internal auditors can assess compliance and operational efficiency related to the management of savings accounts.

Other regulations such as Regulation CC primarily focus on the availability of funds and check holds, while Regulation E pertains to electronic fund transfers and consumer rights related to electronic transactions. Regulation J deals with the collection of checks and other items, which does not directly manage savings accounts.