Source: https://www.fdic.gov/news/inactive-financial-institution-letters/2004/fil13704.html
Timestamp: 2020-08-08 15:27:59
Document Index: 58408982

Matched Legal Cases: ['art 363', 'art 363', 'art 363', 'art 363', 'art 363', 'art 363', 'art 363', 'art 363', 'art 363', 'art 363']

FDIC: Inactive FIL-137-2004: Extended Filing Deadline for Management's Internal Control Assessment and the Independent Auditor's Attestation
Extended Filing Deadline for Management's Internal Control Assessment and the Independent Auditor's Attestation FIL-137-2004
Summary: The FDIC is providing guidance to insured institutions with $500 million or more in total assets that are required to comply with the FDIC's annual audit and reporting requirements about the Securities and Exchange Commission's (SEC) exemptive order postponing the filing date for internal control reports.
On November 30, 2004, the SEC issued an exemptive order to grant certain public companies that are accelerated filers additional time to include in their annual reports on Form 10-K the reports on internal control over financial reporting by management and the independent auditor that are required by Section 404 of the Sarbanes-Oxley Act.
FIL-137-2004
Annual Audit and Reporting Requirements-
Extended Filing Deadline for Management's Internal Control Assessment and the Independent Auditor's Attestation
The FDIC is providing guidance to insured institutions with $500 million or more in total assets that are required to comply with the FDIC's annual audit and reporting requirements about the Securities and Exchange Commission's (SEC) exemptive order postponing the filing date for internal control reports.
On November 30, 2004, the Securities and Exchange Commission (SEC) issued an exemptive order to grant certain public companies1 that are accelerated filers up to an additional 45 days to include in their annual reports on Form 10-K management's report on internal control over financial reporting and the related auditor's report on management's assessment of internal control over financial reporting. Both internal control reports are required under the SEC's rules implementing Section 404 of the Sarbanes-Oxley Act of 2002. All other information required in annual reports on Form 10 K, including audited financial statements, must be submitted by the original due date for these annual reports, which for an accelerated filer is 75 days after the end of the fiscal year. Thus, under the exemptive order, an accelerated filer has up to 120 days after its fiscal year-end to file an amendment to its annual report on Form 10-K that includes both management's and the auditor's reports on internal control over financial reporting. For example, an accelerated filer within the scope of the exemptive order that has a December 31 fiscal year-end would have until April 30, 2005, to submit these internal control reports.
The SEC's exemptive order applies to an accelerated filer that has a fiscal year ending between and including November 15, 2004, and February 28, 2005, and that had a "public float"2 of less than $700 million at the end of its second fiscal quarter in 2004. The SEC's rules define an "accelerated filer" as a public company that:
The Public Company Accounting Oversight Board (PCAOB) also adopted a temporary transitional rule regarding auditors' internal control reports that is consistent with the SEC's exemptive order. On December 3, 2004, the SEC approved the PCAOB's temporary rule on an accelerated basis. The full texts of the SEC's exemptive order and the PCAOB's temporary rules are posted on their respective Web sites at http://www.sec.gov/rules/exorders/34-50754.htm and http://www.pcaobus.org/Rules/Docket_016/index.aspx.
Section 36 of the Federal Deposit Insurance Act and Part 363 of the FDIC's regulations impose annual audit and reporting requirements on insured depository institutions with $500 million or more in total assets. An institution's Part 363 annual report must include an assessment by management of the effectiveness of internal control over financial reporting and a report by the institution's independent auditor on management's assertion concerning internal control. For purposes of Part 363, financial reporting encompasses both financial statements prepared in accordance with generally accepted accounting principles and those prepared for regulatory reporting purposes. The Part 363 annual report must be submitted within 90 days after the end of an institution's fiscal year. However, notwithstanding this 90-day filing period, each audit and attestation report issued by its independent auditor is to be filed within 15 days of receipt. In addition, with certain exceptions, the Part 363 annual reporting requirements may be satisfied by an institution's holding company if services and functions comparable to those required of the institution are provided at the holding company level.
A public company that is an accelerated filer, as that term is defined by the SEC's rules, with a public float of less than $700 million at the end of its second fiscal quarter in 2004, or
A subsidiary of a public holding company that is an accelerated filer with a public float of less than $700 million at the end of its second fiscal quarter in 2004;
The institution files all of the other parts of its Part 363 annual report (i.e., items 1, 2, 3.a.i-iii, and 3.b.ii on the list of the required parts of the Part 363 annual report in the Attachment) within 90 days after the end of its fiscal year;
The institution includes in the management report section of the Part 363 annual report a statement that management's assessment of the effectiveness of the internal control structure over financial reporting as of the end of the fiscal year and the related auditor's attestation report on management's assertion concerning internal control (i.e., items 3.b.i and 4 on the list of the required parts of the Part 363 annual report in the Attachment) will be filed not later than 120 days after the end of the institution's fiscal year; and
The institution discloses information in the management report section of the Part 363 annual report about:
2 “Public float” is the aggregate market value of a public company’s voting and non-voting common equity held by investors other than affiliates of the public company.
Last Updated 12/21/2004 communications@fdic.gov