Finanse publiczne · 23.11.1994

Annual Independent Audits

The Office of Thrift Supervision (OTS) is adopting a final rule that amends its annual independent audit requirements for savings associations to be more consistent with those applicable to other federally insured depository institutions. Pursuant to Section 112 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) all insured depository institutions with total assets of $500 million or more are required to obtain an annual independent audit. OTS is amending its rules in order to eliminate the mandatory annual independent audit requirement for small savings associations with composite CAMEL ratings of 1 or 2; to rely on the FDICIA section 112 independent audit requirements for savings associations with assets of $500 million or more; and to adopt regulatory language to allow OTS to require an independent audit of any savings association with assets of less than $500 million, as needed for purposes of safety and soundness.