Audit Policy Update

Product Update Notification - 02/12/08

Audit Policy Template Update

Bankpolicies.com is proud to announce the immediate availability of our revised Audit Policy Template product.

This update is in response to the FDIC Financial Institution Letter FIL-5-2008 entitled "Annual Audit and Reporting Requirements - Internal Control Attestation Standards for Independent Auditors" dated February 1, 2008. This FIL provides guidance on the internal control attestation standards that auditors of insured institutions with $1 billion or more in total assets should follow to comply with the FDIC's audit and reporting requirements in Part 363 of the FDIC's regulations.

http://www.fdic.gov/news/news/financial/2008/fil08005.html

What's Revised

Topic 3 - Sarbanes-Oxley Act Requirements. The "General" subtopic was revised to include additional client options to select text regarding financial institutions that have assets of $1 billion or more.

Topic 4 - Reporting Requirements. A new subtopic entitled "Electronic Submission of Examination Data and Other Business" was added for those clients who utilize the FDIC's FDICconnect system for the submission of required reports, examination data, and other required information.

Topic 5 - Role of Public Independent Accountant. The "Attestation Reports" subtopic was revised to include detailed guidance.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Sarbanes-Oxley Act Requirements - Topic 3

Reporting Requirements - Topic 4

Role of Independent Public Accountant - Topic 5

Board of Directors and Senior Management Responsibilities - Topic 6

Audit Committee Responsibilities - Topic 7

Audit Officer Responsibilities - Topic 8

External Audit Outsourcing Arrangement Guidelines - Topic 9

Limitation of Liability Provisions in External Audit Engagement Letters - Topic 10

External Audit Guidelines - Topic 11

Internal Audit Guidelines - Topic 12

Information Technology Audit Guidelines - Topic 13

Includes the following form template:

Audit Certification Worksheets (42 pages)

Ordering Information

This product is available to purchase from Bankpolicies.com for:

$375.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Audit Policy Template within the last three years in addition to the following prior updates (if applicable):

Audit Policy Template Update - 06/14/07 - $50.00

Audit Policy Template Update - 04/13/06 - $50.00

Audit Policy Template Update - 12/27/05 - $50.00

If you have ordered this product after 01/12/08 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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