12 C.F.R. PART 989—FINANCIAL STATEMENTS OF THE BANKS
Title 12 - Banks and Banking
Authority: 12 U.S.C. 1422a, 1422b, 1426, 1431, 1440.
Source: 63 FR 39704, July 24, 1998, unless otherwise noted. Redesignated at 65 FR 8256, Feb. 18, 2000.
As used in this part: Audit means an examination of the financial statements by an independent accountant in accordance with Generally Accepted Auditing Standards for the purpose of expressing an opinion thereon. Audit report means a document in which an independent accountant indicates the scope of the audit made and sets forth an opinion regarding the financial statement taken as a whole, or an assertion to the effect that an overall opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefor shall be stated. [65 FR 36303, June 7, 2000, as amended at 67 FR 12855, Mar. 20, 2002] (a) Each Bank, the OF and the Financing Corporation shall obtain annually an independent, external audit of and an audit report on its individual financial statement. (b) The OF board of directors shall obtain an audit and an audit report on the combined annual financial statements for the Bank System. (c) All audits must be conducted in accordance with generally accepted auditing standards and in accordance with the most current government auditing standards issued by the Office of the Comptroller General of the United States. (d) An independent, external auditor must meet at least twice each year with the audit committee of each Bank, the OF board of directors, and the Financing Corporation Directorate. (e) Finance Board examiners shall have unrestricted access to all auditors' work papers and to the auditors to address substantive accounting issues that may arise during the course of any audit. [65 FR 36303, June 7, 2000] In order to facilitate the preparation by the Office of Finance of combined Bank System annual and quarterly reports, each Bank shall provide to the Office of Finance in such form and within such timeframes as the Finance Board or the Office of Finance shall specify, all financial and other information and assistance the Office of Finance shall request for that purpose. Nothing in this section shall contravene or be deemed to circumscribe in any manner the authority of the Finance Board to obtain any information from any Bank related to the preparation or review of any financial report. [65 FR 36303, June 7, 2000] Any financial statements contained in an annual or quarterly financial report issued by an individual Bank must be consistent in both form and content with the financial statements presented in the combined Bank System annual or quarterly financial reports prepared and issued by the Office of Finance . [63 FR 39704, July 24, 1998. Redesignated and amended at 65 FR 36303, 36304, June 7, 2000.]
Title 12: Banks and Banking
PART 989—FINANCIAL STATEMENTS OF THE BANKS
Section Contents
§ 989.1 Definitions.
§ 989.2 Audit requirements.
§ 989.3 Requirement to provide financial and other information to the Finance Board and the Office of Finance.
§ 989.4 Requirement for voluntary bank disclosure.
§ 989.1 Definitions.
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§ 989.2 Audit requirements.
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§ 989.3 Requirement to provide financial and other information to the Finance Board and the Office of Finance.
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§ 989.4 Requirement for voluntary bank disclosure.
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