Regulatory Requirements of Audit Committees
Bank audit committees are highly regulated. They have rules and responsibilities designated by FDIC regulations, by the Securities and Exchange Commission if they are publicly traded and by NASDAQ OMX and the New York Stock Exchange if they are traded on those exchanges. The following is a list of the major requirements bank audit committee members should know. FDIC Regulations The regulations applicable to audit committees are found at Part 363 of FDIC regulations. Although those regulations don’t cover institutions with less than $500 million in assets, the FDIC encourages all banks to follow those requirements. FDIC regulations require each...
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