12 C.F.R. § 363.3 Independent public accountant.
Title 12 - Banks and Banking
(a) Annual audit of financial statements. Each insured depository institution shall engage an independent public accountant to audit and report on its annual financial statements in accordance with generally accepted auditing standards and section 37 of the Federal Deposit Insurance Act (12 U.S.C. 1831n). The scope of the audit engagement shall be sufficient to permit such accountant to determine and report whether the financial statements are presented fairly and in accordance with generally accepted accounting principles. (b) Additional reports. For each insured depository institution with total assets of $1 billion or more at the beginning of the institution's fiscal year, such independent public accountant shall examine, attest to, and report separately on, the assertion of management concerning the institution's internal control structure and procedures for financial reporting. The attestation shall be made in accordance with generally accepted standards for attestation engagements. (c) Notice by accountant of termination of services. An independent public accountant performing an audit under this part who ceases to be the accountant for an insured depository institution shall notify the FDIC and the appropriate federal banking agency in writing of such termination within 15 days after the occurrence of such event, and set forth in reasonable detail the reasons for such termination. [58 FR 31335, June 2, 1993, as amended at 62 FR 63257, Nov. 28, 1997; 70 FR 71232, Nov. 28, 2005]
Title 12: Banks and Banking
PART 363—ANNUAL INDEPENDENT AUDITS AND REPORTING REQUIREMENTS
§ 363.3 Independent public accountant.
