{"abstract":"Section 36 of the Federal Deposit Insurance Act (FDI Act) and the FDIC's implementing regulations (part 363) set forth annual independent audit and reporting requirements for insured depository institutions with $500 million or more in total assets. Given changes in the industry, certain sound audit, reporting, and audit committee practices incorporated in the Sarbanes-Oxley Act of 2002 (SOX); and the FDIC's experience in administering part 363, the FDIC is proposing to amend part 363 of its regulations. These amendments are designed to further the objectives of section 36 by incorporating these sound practices into part 363 and to provide clearer and more complete guidance to institutions and independent public accountants concerning compliance with the requirements of section 36 and part 363. As required by section 36, the FDIC has consulted with the other federal banking agencies. The FDIC is also proposing a technical amendment to its rules and procedures (part 308, subpart U) for the removal, suspension, or debarment of accountants and accounting firms.","action":"Notice of proposed rulemaking.","agencies":[{"raw_name":"FEDERAL DEPOSIT INSURANCE CORPORATION","name":"Federal Deposit Insurance Corporation","id":164,"url":"https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation","json_url":"https://www.federalregister.gov/api/v1/agencies/164","parent_id":null,"slug":"federal-deposit-insurance-corporation"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2007/11/02/E7-21168.html","cfr_references":[{"chapter":null,"citation_url":null,"part":308,"title":12},{"chapter":null,"citation_url":null,"part":363,"title":12}],"citation":"72 FR 62310","comment_url":null,"comments_close_on":"2008-01-31","correction_of":null,"corrections":[],"dates":"Comments must be received on or before January 31, 2008.","disposition_notes":null,"docket_ids":[],"dockets":[],"document_number":"E7-21168","effective_on":null,"end_page":62335,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2007/11/02/E7-21168.xml","html_url":"https://www.federalregister.gov/documents/2007/11/02/E7-21168/annual-independent-audits-and-reporting-requirements","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/E7-21168?publication_date=2007-11-02","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2007-11-02/E7-21168/mods.xml","not_received_for_publication":null,"page_length":26,"page_views":{"count":361,"last_updated":"2026-10-24 04:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2007-11-02/pdf/E7-21168.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2007-11-02","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2007/11/02/E7-21168.txt","regulation_id_number_info":{"3064-AD21":{"issue":"200904","html_url":"https://www.federalregister.gov/regulations/3064-AD21/annual-independent-audits-and-reporting-requirements","title":"Annual Independent Audits and Reporting Requirements","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=200904&RIN=3064-AD21&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["3064-AD21"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-11-13T07:29:58Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":62310,"subtype":null,"title":"Annual Independent Audits and Reporting Requirements","toc_doc":"Annual independent audits and reporting requirements","toc_subject":"Practice and procedure:","topics":["Accounting","Administrative practice and procedure","Bank deposit insurance","Banks, banking","Claims","Crime","Equal access to justice","Investigations","Lawyers","Penalties","Reporting and recordkeeping requirements"],"type":"Proposed Rule","volume":72}