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    <title>The Federal Register</title>
    <link>http://thefederalregister.com/b.p/department/FEDERAL_DEPOSIT_INSURANCE_CORPORATION/2005-11-28/</link>
    <description>Daily Publications of Meetings and Rules Changes for the Federal Government</description>
    <pubDate>Sat, Nov 22 2008 11:00:00 GMT</pubDate>
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  <title><![CDATA[
Independent Audits and Reporting Requirements ]]></title>
  <link>http://thefederalregister.com/d.p/2005-11-28-05-23310</link>
  <description><![CDATA[ The FDIC is amending part 363 of its regulations concerning 
annual independent audits and reporting requirements, which implement 
section 36 of the Federal Deposit Insurance Act (FDI Act), as proposed, 
but with modifications to the composition of the audit committee and 
the effective date. The FDIC's amendments raise the assetsize 
threshold from $500 million to $1 billion for internal control 
assessments by management and external auditors. For institutions 
between $500 million and $1 billion in assets, the amendments require 
the majority, rather than all, of the members of the audit committee, 
who must be outside directors, to be independent of management and 
create a hardship exemption. The amendments also make certain technical 
changes to part 363 to correct outdated titles, terms, and references 
in the regulation and its appendix. As required by section 36, the FDIC  has consulted with the other federal banking agencies.<br/>
Effective Date: The final rule is effective December 28, 2005 and 
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  <guid>http://thefederalregister.com/d.p/2005-11-28-05-23310</guid>
  <pubDate>Mon, Nov 28 2005 11:00:00 GMT</pubDate>
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