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Financial Institution Letters

January 15, 2016

Interagency Advisory on External Audits of Internationally Active U.S. Financial Institutions

Printable Format:

FIL-5-2016 - PDF (PDF Help)


The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (the agencies) are issuing an advisory to indicate their support for the principles and expectations set forth in the Basel Committee on Banking Supervision's March 2014 guidance on "External audits of banks" (BCBS external audit guidance). The advisory also explains the agencies' supervisory expectations regarding how internationally active U.S. financial institutions should address differences between the standards and practices followed in the United States and the principles and expectations in the BCBS external audit guidance. For purposes of the advisory, internationally active U.S. financial institutions include insured depository institutions with consolidated total assets of $250 billion or more or consolidated total on balance sheet foreign exposure of $10 billion or more.

Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter is not applicable to insured depository institutions with consolidated total assets of less than $1 billion.



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FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at

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Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E 1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).