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SEC Approves One-Year Extension for Small Businesses From Auditor Attestation Requirement in Sarbanes-Oxley Act.
June 23, 2008
The Securities and Exchange Commission announced it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. Click here
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FIN 48, Accounting for Uncertainty in Income Taxes, extension
Feb. 15, 2008
The Financial Accounting Standards Board (FASB) has deferred the effective date of FIN 48, Accounting for Uncertainty in Income Taxes, for nonpublic enterprises that have not issued a full set of annual financial statements incorporating the recognition, measurement, and disclosure requirements of FIN 48. Full Story
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Want a better CAMELS rating?
July 13, 2007
If your bank's CAMELS rating on your last FFIEC exam wasn't what you'd like it to be, perhaps we can help. Click here
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FASB 157 to impact banks dramatically
Oct. 14, 2006
While FASB 157, Fair Value Measurements, applies to all companies, regardless of industry or size, financial institutions will feel a more pronounced impact. Click here
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Tax planning issues and opportunities abound for financial institutions
Sep. 19, 2006
I recently had the pleasure of leading several short discussion sessions with financial institution officers and controllers at the Tennessee Bankers Association in Nashville. This article summarizes some of the issues and opportunities for tax planning for financial institutions that we discussed at those sessions. Click here
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SEC takes steps toward improving SOX implementation
July 20, 2006
In reaction to feedback about the phenomenal cost of implementing Sarbanes-Oxley Section 404 (SOX), the Securities and Exchange Commission (SEC) is taking steps toward issuing additional guidance and, hopefully, reducing some of the burden and associated costs. Click here
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Final rule clarifies capital treatment for securities borrowing transactions
March 14, 2006
On February 22, 2006, the FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency, issued a joint final rule, which clarifies the capital treatment for securities borrowing transactions. The ruling applies only to banks and bank holding companies that are subject to the Market Risk Capital Rule, which tend to be large banking organizations with significant trading activity. Click here
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Report examines computer intrusion violations in depository institutions, offers guidance on SARs
Feb. 14, 2006
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) publishes periodically The SAR Activity Review -- Trends, Tips & Issues. The issue published on October 31, 2005 identifies trends in suspicious activity reports and provides guidance on preparing and filing SARs. Click here
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FDIC Board approves raising the asset threshold for internal control assessments and attestations
Jan. 9, 2006
On Tuesday, November 8, 2005 the FDIC Board voted to raise the asset size threshold from $500 million to $1 billion for requirements relating to internal control assessments and attestations by management and external auditors. Click here
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Protect your bank and customers against identity theft
April 3, 2005
According to a September 2003 Federal Trade Commission (FTC) report, almost 10 million people were victims of identity theft in 2002. The dollar loss is estimated at $48 billion and the time spent by victims resolving the related problems is estimated at almost 300 million hours. Click here
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SEC extends Section 404 compliance date for non-accelerated filers
April 3, 2005
In a release issued March 2, 2005, the Securities Exchange Commission announced that it has further extended the deadline for non-accelerated filers and foreign private issuers to comply with Section 404 of the Sarbanes-Oxley Act (SOX). Click here
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If you're waiting to begin Sarbanes-Oxley testing, don't
Jan. 10, 2005
According to Wynne E. Baker, CPA, CBA, CFSA, the member in charge of KraftCPAs' banking industry group, "Implementing the testing of internal control over financial reporting (ICOFR) required by Sarbanes-Oxley is more burdensome and time-consuming for our public clients than any of us could have imagined." Click here
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