Financial Regulators Adopt New Ground to Discipline Accountants
Business Credit › Vol. 106 Nbr. 8, September 2004
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Summary
The Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Company and the Office of Thrift Supervision recently published final rules that create a new basis for enforcement action against accountants. The new regulations, entitled "Removal, Suspension, and Debarment of Accountants From Performing Audit Services," implement section 36 of the Federal Deposit Insurance Act of 1991, which authorizes the Agencies to remove, suspend and debar accountants for "good cause". Under the section 36 regulations, accountants can lose entirely the right to "perform independent audit and attestation services...for insured national banks". The agency can choose lesser penalties, such as suspension.
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Financial Regulators Adopt New Ground to Discipline Accountants
The Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Company and the Office of Thrift Supervision recently published final rules that create a new bas...
See the full content of this document
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