Audit and Accounting Guide Depository and Lending Institutions, 2nd Edition

Appendix A FDI Act Reporting Requirements

This appendix is nonauthoritative and is included for informational purposes only.

A.01 Section 36 of the Federal Deposit Insurance Act (FDI Act) and its implementing regulation Title 12 U.S. Code of Federal Regulations Part 363 require reports by each institution’s management and its auditors over financial statements and internal control over financial reporting. Section 36 and Part 363 also establish minimum qualifications for auditors that provide audit and attest services to insured depository institutions. Section 36 and Part 363 apply to each FDIC-insured depository institution having total assets of $500 million or greater at the beginning of its fiscal year. The requirements specified in Section 36 and Part 363 are in addition to any other statutory and regulatory requirements otherwise applicable to an insured depository institution.

A.02 Part 363 was initially adopted by the FDIC’s Board of Directors in 1993 and was most recently amended in 2013. The general requirements are summarized in the following paragraphs; the side-by-side analysis of the detailed regulation and guidelines is presented in the exhibit that follows. Each institution’s management, board of directors, and audit committee, as well as independent public accountants that provide audit and attestation services to institutions subject to Part 363 are encouraged to read and become familiar with the Part 363 regulatory text, the guidelines and interpretations ...