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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.