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FDICIA requirements for banks with total assets* of $500 million to $1 billion

  1. Audited comparative annual financial statements
  2. Independent public accountant’s report on audited financial statements
  3. A management report that contains:
    A statement of management’s responsibilities for:
    Preparing the annual financial statements
    Establishing and maintaining an adequate internal control structure over financial reporting
    Complying with the designated safety and soundness laws and regulations pertaining to insider loans and dividend restrictions.
    b. 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.
  4. Required to file its Part 363 Annual Report (Items 1-3 above) with the FDIC and primary regulator within 120 days after the end of its fiscal year.
  5. Management is required to prepare the financial statements, including disclosures, and tax accrual.
  6. The Bank and the independent public accountant are required to follow SEC independence standards including principal rotation every five years, pre-approval of non-audit services and restrictions on the Bank hiring auditors from the engagement team.
  7. Members of the audit committee shall be outside directors, the majority 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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