Annual reports for banks with $1 billion or more in total assets
- Audited comparative annual financial statements
- Independent public accountant’s report on audited financial statements
- A management report that contains:
| a. |
A statement of management’s responsibilities for:
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i.
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Preparing the annual financial statements
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ii.
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Establishing and maintaining an adequate internal control structure over financial reporting
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iii.
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Complying with the designated safety and soundness laws and regulations pertaining to insider loans and dividend restrictions.
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b.
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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:
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i.
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Identify the internal control framework used by management to evaluate the effectiveness of internal control over financial reporting;
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ii.
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State that the assessment included controls over the preparation of regulatory financial statements in accordance with regulatory reporting instructions;
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iii.
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State management’s conclusion regarding whether internal control over financial reporting is effective as of the Bank’s fiscal year-end; and
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iv.
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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.
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c.
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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.
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| d. |
The independent public accountant’s attestation report concerning the effectiveness of the institution’s internal control structure over financial reporting. |
- Required to file its Part 363 Annual Report within 120 days after the end of its fiscal year.
- 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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