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Federal bank and thrift regulators issue revised
guidance, Interagency Policy Statement on the Internal Audit
Function and Its Outsourcing, prohibiting both public companies
and depository institutions with $500 million or more in assets from
outsourcing internal audit functions to their external auditors. The
new requirements (
www.fdic.gov/news/news/press/2003/pr2403.html ), issued by the
Federal Deposit Insurance Corp., the Federal Reserve Board, the Office
of the Comptroller of the Currency and the Office of Thrift
Supervision, reflect auditor independence provisions of the
Sarbanes-Oxley Act of 2002. The statement also encourages compliance
by nonpublic institutions not subject to federal audit and reporting
requirements.
