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FDIC RIN: 3064-AD21 Publication ID: Fall 2009 
Title: Annual Independent Audits and Reporting Requirements 
Abstract: The FDIC issued a final rule correction amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal Deposit Insurance Act (FDI Act), largely as proposed, but with certain modifications made in response to the comments received. The amendments are designed to further the objectives of section 36 by incorporating certain sound audit, reporting, and audit committee practices from the Sarbanes-Oxley Act of 2002 (SOX) into part 363 and they also reflect the FDIC’s experience in administering part 363. The amendments will provide clearer and more complete guidance to institutions and independent public accountants concerning compliance with the requirements of section 36 and part 363. As required by section 36, the FDIC has consulted with the other Federal banking agencies. The FDIC is also making a technical amendment to its rules and procedures (part 308, subpart U) for the removal, suspension, or debarment of accountants and accounting firms. The FDIC previously published this final rule in the Federal Register on July 7, 2009, however the document is being republished in its entirety in order to correct an error in the DATES section which caused the applicability date to be incorrect and to correct language relating to holding company depository institution subsidiaries. 
Agency: Federal Deposit Insurance Corporation(FDIC)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 308    12 CFR 363   
Legal Authority: 5 USC 504    5 USC 554 to 557    12 USC 93(b)    12 USC 164    12 USC 1831m    ...   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/02/2007  72 FR 62310   
NPRM Comment Period End  01/31/2008    
Final Action  07/07/2009  74 FR 32225   
Final Action/Correction  07/20/2009  74 FR 35727   
Final Action/Correction  08/12/2009  74 FR 40478   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: http://www.fdic.gov/regulations/laws/federal/2007/07proposeNov2.pdf   Public Comment URL: http://www.fdic.gov/regulations/laws/federal/2007/07comindependaudits.html  
RIN Data Printed in the FR: No 
Agency Contact:
Michelle Borzillo
Senior Counsel
Federal Deposit Insurance Corporation
550 17th Street NW.,
Washington, DC 20429
Phone:202 898-7400
Email: mborzillo@fdic.gov

Harrison E. Greene
Senior Policy Analyst
Federal Deposit Insurance Corporation
550 17th Street NW,
Washington, DC 20429
Phone:202 898-8905
Email: hgreene@fdic.gov