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TO:
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CHIEF EXECUTIVE OFFICER
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SUBJECT:
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Amendment to Annual Audit and
Reporting Requirements
(Part 363 of FDIC's Rules and Regulations)
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The FDIC Board of Directors has amended the
"Annual Independent Audit and Reporting Requirements" (Part 363 of the
FDIC's rules and regulations). The amendment implements the provision of the
Economic Growth and Regulatory Paperwork Reduction Act of 1996 that repealed
Section 36(e) of the Federal Deposit Insurance Act. Section 36(e) had
required each insured depository institution with $500 million or more
in total assets to have an independent public accountant perform specific
procedures for determining compliance with designated safety and soundness
laws.
In order to conform Part 363 to the revised statute, the amendment
eliminates from the regulation Schedule A to Appendix A, "Agreed
Upon Procedures for Determining Compliance with Designated Laws." It
also updates certain references to other documents, eliminates an
unnecessary filing by independent public accountants, and aligns the
filing requirements with the FDIC's current approach for supervising
banking organizations.
Please share this information with the appropriate personnel
in your institution. For further information, please contact
Doris L. Marsh, Examination Specialist in the Division of
Supervision, at (202) 898-8905.
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Nicholas J. Ketcha Jr.
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Director
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Attachment
Distribution: Selected Insured Banks and Savings Associations
NOTE: Paper copies of FDIC financial institution letters may be obtained through the
FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C.
20434 (800-276-6003 or (703) 562-2200).
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