Bankers should understand the requirements if their institution is approaching the $500 million or $1 billion thresholds considering crucial planning and realistic timelines. We’ll cover the key facts about FDICIA including auditing and enhanced reporting requirements as well as audit committee responsibilities.
Next we’ll look at the steps to take in order to successfully implement FDICIA to satisfy audit and regulatory guidelines including:
Monitoring and preparing for implementation
Reviewing internal controls and devising an action plan
Establishing key controls and determining a testing methodology
Obtaining the necessary skills and resources for implementation
Anticipating the costs and budgeting for FDICIA Compliance
Engaging your audit committee in fraud prevention
Determining the correct technology to assist with compliance.
