Federal bank and thrift regulators issue revised guidance, Interagency Policy Statement on the Internal Audit Function and Its Outsourcing, prohibiting both public companies and depository institutions with $500 million or more in assets from outsourcing internal audit functions to their external auditors. (Auditing).* Federal bank and thrift regulators issue revised guidance, Interagency in·ter·a·gen·cy adj. Involving or representing two or more agencies, especially government agencies. Policy Statement on the Internal Audit Function and Its Outsourcing, prohibiting both public companies and depository institutions with $500 million or more in assets from outsourcing internal audit functions to their external auditors. The new requirements (www.fdic.gov/news/news/press/2003/pr2403.html), issued by the Federal DePOsit Insurance Corp., the Federal Reserve Board, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , reflect auditor independence provisions of the Sarbanes-Oxley Act See SOX. of 2002. The statement also encourages compliance by nonpublic institutions not subject to federal audit and reporting requirements. |
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