Complying with Bank Internal Control Requirements of FDICIA and SOX

Date: Tuesday, 22 January 2019 | Time: 11:30 AM PST, 02:30 PM EST | Duration: 90 Minutes
One should attend to get an excellent overview of what is required by FDICIA and SOX. A brief history of activity that lead to these significant laws is provided and is the foundation needed to understand and comply with both laws. How internal and external auditors and accountants are affected by these laws is carefully outlined in this webinar. The take-away is a solid understanding of these two game-changing laws.
Internal Control Requirements of FDICIA and SOX
Product ID: 503742
Objectives of the Presentation
  • Learn about the history of banking in the US
  • Understand the events that lead to the two pieces of legislation
  • Comprehend how the cornerstone to much of the two laws is the attempt to "protect the public"
  • Analyze internal control issues and how those issues are impacted by FDICIA and SOX
  • Compare and contrast the difference between FDICIA and SOX
  • Appreciate the need for accountants, auditors, regulators and others to be aware of the overall purpose of significant bank legislative activity
Why Should you Attend
The webinar identifies and explains historical events and legislative milestones. It especially focuses on two major laws:
  • FDICIA of 1991
  • SOX of 2002
FDICIA of 1991 covers:
  • FDIC insurance changes
  • Restrictions on real estate lending
  • Improved capital standards and new capital classifications
  • Extension of credit to "insiders"
  • FDIC authority to take action
  • Enhanced examination process
  • Accounting aspects of FDICIA
  • Audit committee issues
Sarbanes-Oxley (SOX) of 2002 covers:
  • The CPA and independence
  • CPA audit partner rotation
  • Audit committee "financial expert"
  • SEC review of periodic disclosures by issuers
  • PCAOB - the new quasi-governmental inspectors
  • Internal control
Areas Covered
  • Brief history leading to FDICIA and SOX
  • Bank involvement with FDICIA
  • Public company involvement with SOX
  • Significant FDICIA requirements include:
    • FDIC insurance changes
    • Real Estate lending restrictions
    • Insider extensions of credit
    • FDIC authority to act
    • Audit committee issue
  • SOX requirements include:
    • CPA independence issues
    • External audit partner rotation rules
    • Audit committee "financial expert" requirement
    • Disclosures
    • PCAOB inspections
    • Internal Control
Who will Benefit
  • Financial professionals in the banking industry (financial analysts, controllers, treasury personnel, etc.)
  • Internal auditors
  • External auditors
  • Legal personnel
  • Compliance personnel
  • Risk managers
  • New bank employees
  • New bank board members
  • Board audit committee members
Topic Background
This webinar allows attendees to view their banking knowledge within the framework of key legislation in the industry over the years. It shows how such legislation has changed the way we do banking in the US.

From the early days of the country until today, the banking environment has gone through significant changes. When accountants, auditors, financial analysts and others involved in banking obtain knowledge of past events in banking history they begin to fully appreciate the existing banking environment and how it got to be that way. When that happens their job becomes easier. The webinar addresses the overview of US banking by briefly reviewing significant periods in US banking history.
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, "Accounting Basics for Community Financial Institutions" (Financial Managers Society, 2nd edition, Chicago, 2009) and the "Ideas an Analysis Letter: The Sanchez Take" (see www.sanchez-psa.com). As a contributing author, his chapter on 'An Auditor's Approach to Risk-Based Auditing: What to Audit and When,' is included in the textbook, "Effective Auditing for Corporates: Key Developments in Practice and Procedures," (Bloomsbury Information, Ltd, London, 2012).
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