Audit Policy Update

Product Update Notification

Audit Policy and Procedures Template Update - 04/13/06

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

The revision to this product is in response to the Joint Press Release entitled "Federal Financial Regulatory Agencies Issue Interagency Advisory on External Auditor Limitation of Liability Provisions" issued on February 3, 2006. This guidance announced the issuance of a final advisory that addresses safety and soundness concerns that may arise when financial institutions agree to limit their external auditors' liability. The agencies' primary concern is that limiting the liability of external auditors in engagement letters may reduce the reliability of audits.

http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20060203/default.htm

The guidance applies to any agreement that a financial institution enters into with its external auditor that limits the external auditor's liability with respect to audits in an unsafe and unsound manner executed on or after February 9, 2006.

What's New

Topic 10 - Limitation of Liability Provisions in External Audit Engagement Letters. Subtopics within this section are:

General

Engagement Letter Audit Objectives

Limitation of Liability Provisions

Auditor Independence

Alternative Dispute Resolution Agreements and Jury Trial Waivers

Examples of Unsafe and Unsound Limitation of Liability Provisions

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/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 Audited Areas - Topic 11
Audited Areas - Topic 12
Internal Audit Guidelines - Topic 13
Accounting/Administrative Audit Procedures - Topic 14
Lending Audit Procedures - Topic 15
Operations Audit Procedures - Topic 16
Data Processing Audit Procedures - Topic 17

Ordering Information

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

$375.00 - List Price

- or -

$50.00 - Update Price (applies only to clients who have previously purchased our Audit Policy and Procedures Template product in addition to the following prior update if applicable):

Audit Policy and Procedures Template Update - 12/27/05

If you have ordered this product after 3/13/06 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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