A close reading of the Federal Deposit Insurance Corp.'s proposed rule on "Annual Independent Audits and Reporting Requirements" suggests that the consequences of these provisions will be more far-reaching than has generally been realized and that banks should take steps to ensure compliance before the end of 1992.

The proposed regimen is simple and harmless-sounding. All banks with more than $150 million of assets would have to be audited by independent accountants who meet certain standards. These accountants would also evaluate the bank's controls.

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