February 23, 1990
Superintendent of Banking Interpretive Bulletin #6
TO THE BOARD OF DIRECTORS AND CHIEF EXECUTIVE OFFICER OF THE STATE CHARTERED BANK ADDRESSED
RE: Procedures for Annual Accountability Examinations
At its January 16, 1990, meeting, the Board of Directors of the Federal Deposit Insurance Corporation adopted a new policy statement recommending minimum procedures for annual external auditing programs of FDIC-supervised banks. This office has reviewed their recommended procedures and it is our belief that those requirements are more comprehensive than those recited in Iowa Code 524.608 (1989). Consequently, state nonmember banks which decide to adhere to the new FDIC auditing procedures shall be deemed to have met the requirements of the Superintendent of Banking for purposes of Code Chapter 524.608 compliance.
The bank shall submit a copy of the report, along with any management letter or supplemental schedules, to the Superintendent as soon as possible after its receipt.
Copies of the FDIC policy statement issued in the form of a January 19, 1990, press release may be obtained by writing the Federal Deposit Insurance Corporation at 2345 Grand Avenue, Suite 1500, Kansas City, MO 64108.
Robert R. Rigler