Removal, Suspension, and Debarment of Accountants from Performing Annual Audit Services

Guidance
Sarbanes-Oxley Act (SOX)Office of the Comptroller of the Currency (OCC)Risk Management

The attached final rule, published in the Federal Register on August 13, 2003, concerns the removal, suspension, and debarment of accountants from performing annual audit and attestation services. The final rule will become effective on October 1.

Section 36 of the Federal Deposit Insurance Act (FDIA) requires that each national bank with $500 million or more in total assets submit an annual report on its financial statements and required management assessments to the Comptroller of the Currency (OCC). An independent public accountant must audit these financial statements to determine whether they are presented in accordance with generally accepted accounting principles.

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