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Janice Latulippe, CPA

Growth Brings Changes to Internal Control and Audit Requirements: Complying with FDICIA

04/18/18

As a growing bank, it is important to understand how the Federal Deposit Insurance Corporation Improvement Act (FDICIA) will affect you. Knowing the ins and outs of FDICIA requirements for major asset thresholds—$500 million in assets and $1 billion in assets—can help your bank plan for growth and comply with confidence.

HOW WILL THIS AFFECT YOUR BANK?

$500 MILLION IN ASSETS

Banks with $500 million in assets, measured as of the beginning of the fiscal year, will be required to prepare their own audited financial statements, along with additional requirements related to management representations, audit committee composition, and more.


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$1 BILLION IN ASSETS

Banks with $1 billion in assets, measured as of the beginning of the fiscal year, will see significant changes to their audit and reporting requirements, including an audit of internal control over financial reporting, as well as increased requirements related to management representations, audit committee composition, and more.

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