Posted By: kcaudit
FDICIA deadlines - 04/18/11 06:49 PM
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
Posted By: osucpa
Re: FDICIA deadlines - 05/16/11 12:45 PM
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.
Definitely prior to year end so there is time for testing and any needed tweaking.
Posted By: Black & Gold
Re: FDICIA deadlines - 05/18/11 08:16 PM
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....................