PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2243 •^ "(ii) establishing and maintaining an adequate internal control structure and procedures for financial reporting; and "(iii) complying with the laws and regulations relating to safety and soundness which are designated by the Corporation or the appropriate Federal banking agency; and "(B) an assessment, as of the end of the institution's most recent fiscal year, of— "(i) the effectiveness of such internal control structure and procedures; and "(ii) the institution's compliance with the laws and regulations relating to safety and soundness which are designated by the Corporation and the appropriate Federal banking agency. "(c) INTERNAL CONTROL EVALUATION AND REPORTING REQUIRE- MENTS FOR INDEPENDENT PUBLIC ACCOUNTANTS.— "(1) IN GENERAL.—With respect to any internal control report required by subsection (b)(2) of any institution, the institution's independent public accountant shall attest to, and report separately on, the assertions of the institution's management contained in such report. "(2) ATTESTATION REQUIREMENTS.— Any attestation pursuant to paragraph (1) shall be made in accordance with generally accepted standards for attestation engagements. "(d) ANNUAL INDEPENDENT AUDITS OF FINANCIAL STATEMENTS. — "(1) AUDITS REQUIRED. —The Corporation, in consultation with Regulations, the appropriate Federal banking agencies, shall prescribe regulations requiring that each insured depository institution shall have an annual independent audit made of the institution's financial statements by an independent public accountant in accordance with generally accepted auditing standards and section 37. "(2) SCOPE OF AUDIT. —In connection with any audit under this subsection, the independent public accountant shall determine and report whether the financial statements of the institution— "(A) are presented fairly in accordance with generally accepted accounting principles; and "(B) comply with such other disclosure requirements as the Corporation and the appropriate Federal banking agency may prescribe. "(3) REQUIREMENTS FOR INSURED SUBSIDIARIES OF HOLDING COMPANIES.—The requirements for an independent audit under this subsection may be satisfied for insured depository institutions that are subsidiaries of a holding company by an independent audit of the holding company. "(e) DETECTING AND REPORTING VIOLATIONS OF LAWS AND REGULATIONS.— "(1) IN GENERAL. — An independent public accountant shall apply procedures agreed upon by the Corporation to objectively determine the extent of the compliance of any insured depository institution or depository institution holding company with laws and regulations designated by the Corporation, in consultation with the appropriate Federal banking agencies. "(2) ATTESTATION REQUIREMENTS.— Any attestation pursuant to paragraph (1) shall be made in accordance with generally accepted standards for attestation engagements.
�
