Summary: | The FDIC has amended Part 363 of its regulations by raising the asset-size threshold from $500 million to $1 billion for internal control assessments by management and external auditors. For institutions between $500 million and $1 billion in assets, only a majority, rather than all, of the members of the audit committee, who must be outside directors, must be independent of management. The final rule is effective December 28, 2005. |
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Distribution: Suggested Routing: Note: |
Additional Related Topics:
- Federal Deposit Insurance Act Section 36
- Part 363 of the FDIC's Regulations
FIL-119-2005