Audits, Accounting & Reporting

Summary

Two key audit and reporting requirements are found in the FDIC's regulations at 12 CFR Part 363.2

Each insured depository institution shall prepare annual financial statements in accordance with generally accepted accounting principles which shall be audited by an independent public accountant.
Each insured depository institution annually shall prepare, as of the end of the institution's most recent fiscal year, a management report signed by its chief executive officer and chief accounting or chief financial office
The reports must be filed with the FDIC as well as with the institution's primary federal or state regulator.

The OCC requires that national banks annually prepare a "Disclosure Statement" that must be made available to anybody who requests one.

The OTS has no particular unique audit requirements

NUCA requires that credit unions with over $500M in assets have an annual independent audit performed. For those under that limit, a "Supervisory Committee" audit will suffice.

See also Interagency Advisory on the Unsafe and Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters

Regulations by Agency

OCC

12 CFR Part 18 Disclosure of Financial and Other Information by National Banks

18.1 Purpose and OMB control number
18.2 Definitions
18.3 Preparation of annual disclosure statement
18.4 Contents of annual disclosure statement
18.5 Alternative annual disclosure statements
18.6 Signature and attestation
18.7 Notice of availability
18.8 Delivery
18.9 Disclosure of examination reports
18.10 Prohibited conduct and penalties
18.11 Safe harbor provision

FDIC

12 CFR Part 363 Annual Independent Audits and Reporting Requirements

363.0 OMB control number
363.1 Scope
363.2 Annual reporting requirements
363.3 Independent public accountant
363.4 Filing and notice requirements
363.5 Audit committees
Appendix A Guidelines and Interpretations

OTS

12 CFR Part 562 Regulatory Reporting Standards

562.1 Regulatory reporting requirements
562.2 Regulatory reports
562.4 Audit of savings associations and savings

12 CFR Part 563c Accounting Requirements

563c.1 Form and content of financial statements
563c.2 Definitions
563c.3 Qualification of public accountant
563c.4 Condensed financial information [Parent only]
563c.101 Application of this subpart
563c.102 Financial statement presentation

NCUA

12 CFR Part 715 Supervisory Committee Audits and Verifications

715.1 Scope of this part
715.2 Definitions used in this part
715.3 General responsibilities of the Supervisory
Committee
715.4 Audit responsibility of the Supervisory Committee
715.5 Audit of Federal Credit Unions
715.6 Audit of Federally-insured State-chartered credit
unions
715.7 Supervisory Committee audit alternatives to a
financial statement audit
715.8 Requirements for verification of accounts and
passbooks
715.9 Assistance from outside, compensated
715.10 Audit report and working paper maintenance and
access
715.11 Sanctions for failure to comply with this part
715.12 Statutory audit remedies for Federal credit unions

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