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FDICIA reporting requirements

Annual Reports for Banks with $1 Billion or More in Total Assets

  1. Audited comparative annual financial statements
  2. Independent public accountant’s report on audited financial statements
  3. A management report that contains:
     
    a. A statement of management’s responsibilities for:
     
    i.
     
    Preparing the annual financial statements
     
    ii.
     
    Establishing and maintaining an adequate internal control structure over financial reporting
     
    iii.
     
    Complying with the designated safety and soundness laws and regulations pertaining to insider loans and dividend restrictions.
     
    b.
     
    An assessment by management on the effectiveness of the Bank’s internal control structure over financial reporting as of the end of the fiscal year that must:
     
    i.
     
    Identify the internal control framework used by management to evaluate the effectiveness of internal control over financial reporting;
     
    ii.
     
    State that the assessment included controls over the preparation of regulatory financial statements in accordance with regulatory reporting instructions;
     
    iii.
     
    State management’s conclusion regarding whether internal control over financial reporting is effective as of the Bank’s fiscal year-end; and
     
    iv.
     
    Disclose all material weaknesses in internal control over financial reporting, if any, that management has identified that have not been remediated prior to the Bank’s fiscal year-end.
     
    c.
     
    An assessment by management of the Bank’s compliance with the designated laws and regulations pertaining to insider loans and dividend restrictions during the year.
     
    d. The independent public accountant’s attestation report concerning the effectiveness of the institution’s internal control structure over financial reporting.
  4. Required to file its Part 363 Annual Report within 120 days after the end of its fiscal year.
  5. Members of the audit committee shall be outside directors, all of whom are independent of management.

*A Bank’s total assets are measured as of the beginning of its fiscal year

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