Page:United States Statutes at Large Volume 105 Part 3.djvu/360

 105 STAT. 2244 PUBLIC LAW 102-242—DEC. 19, 1991 " (f) FORM AND CONTENT OF REPORTS AND AUDITING STANDARDS. — "(1) IN GENERAL.—The scope of each report by an independent public accountant pursuant to this section, and the procedures followed in preparing such report, shall meet or exceed the scope and procedures required by generally accepted auditing standards and other applicable standards recognized by the Corporation. "(2) CONSULTATION. — The Corporation shall consult with the other appropriate Federal banking agencies in implementing this subsection. " (g) IMPROVED ACCOUNTABILITY. — "(1) INDEPENDENT AUDIT COMMITTEE. — "(A) ESTABLISHMENT,—Each insured depository institution (to which this section applies) shall have an independent audit committee entirely made up of outside directors who are independent of management of the institution, and who satisfy any specific requirements the Corporation may establish. "(B) DUTIES.— An independent audit committee's duties shall include reviewing with management and the independent public accountant the basis for the reports issued under subsections (b)(2), (c), and (d). "(C) CRITERIA APPLICABLE TO COMMITTEES OF LARGE INSURED DEPOSITORY INSTITUTIONS. — In the case of each .. insured depository institution which the Corporation determines to be a large institution, the audit committee required by subparagraph (A) shall— "(i) include members with banking or related financial management expertise; "(ii) have access to the committee's own outside counsel; and "(iii) not include any large customers of the institution. "(2) REVIEW OF QUARTERLY REPORTS OF LARGE INSURED DEPOSI- TORY INSTITUTIONS. — "(A) IN GENERAL.— In the case of any insured depository institution which the Corporation has determined to be a large institution, the Corporation may require the independent public accountant retained by such institution to perform reviews of the institution's quarterly financial reports in accordance with procedures agreed upon by the Corporation. "(B) REPORT TO AUDIT COMMITTEE.— The independent public accountant referred to in subparagraph (A) shall provide the audit committee of the insured depository institution with reports on the reviews under such subparagraph and the audit committee shall provide such reports to the Corporation, any appropriate Federal banking agency, and any appropriate State bank supervisor. "(C) LIMITATION ON NOTICE.—Reports provided under subparagraph (B) shall be only for the information and use of the insured depository institution, the Corporation, any appropriate Federal banking agency, and any State bank supervisor that received the report. "(3) QUALIFICATIONS OF INDEPENDENT PUBLIC ACCOUNTANTS.—

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