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#1536959 - 04/18/11 06:49 PM FDICIA deadlines
kcaudit Offline
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Joined: Feb 2011
Posts: 7
Does anyone know whether there are any requirements for when FDICIA testing should be completed (i.e. any time annually, 30 days after year end, simply before annual reporting, etc?). I looked but haven't been able to find anything.
Thanks
Last edited by kcaudit; 04/18/11 06:58 PM.
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#1551409 - 05/16/11 12:45 PM Re: FDICIA deadlines kcaudit
osucpa Offline
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Joined: May 2011
Posts: 1,400
We are a FDICIA reporting bank. FDICIA testing should be finished prior to year end. The reason would be if you found an issue, management would have time to correct prior to year end. Remember your auditors are issuing an opinion as of year end.

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#1552041 - 05/16/11 10:42 PM Re: FDICIA deadlines osucpa
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Definitely prior to year end so there is time for testing and any needed tweaking.
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#1553435 - 05/18/11 08:16 PM Re: FDICIA deadlines Kathleen O. Blanchard
Black & Gold Offline
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Joined: Aug 2008
Posts: 35
Dark Side of the Moon
We typically begin testing somewhere late third quarter/early fourth quarter. That way, as Kathleen B said, if any controls failed, hopefully management has time to remediate so it can be retested and hopefully pass.

FDICIA/SOX - My mother always told me if I don't have anything nice to say, don't say anything at all....................
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