Final banking bill: roundup of accounting provisions. (Federal Deposit Insurance Corp. Improvement Act of 1991) (Brief Article)

Accounting and auditing provisions in the final version of the Federal Deposit Insurance Corporation (FDIC) Improvement Act of 1991, signed by President Bush last December, win affect banks, thrifts and their CPAS. These provisions are briefly summarized below:

* Annual audits. Annual financial statement audits in accordance with generally accepted auditing standards are mandated for institutions with assets of $150 million or more. The independent auditor's report must address whether the financial statements are in conformity with GAAP and comply with any additional disclosure requirements regulators may establish.

* Management and auditor's reports on internal …