FDICIA Compliance

Move forward with confidence knowing your internal controls over financial reporting are strong and meet Federal Deposit Insurance Corporation Improvement Act (FDICIA) requirements—whether you’re managing implementation, internal costs of compliance, or available personnel hours.

Private depository financial institutions must comply with FDICIA. For institutions with over $500 million in assets, timely compliance with annual independent audits and reporting requirements isn’t an option—it’s a necessity.

Execute a five-phase assurance process to prepare for audits as needed—you’ll receive deliverables with insight on strategic practices, sample testing templates, and collection and documentation of data during each phase of our FDICIA consulting process.

How the Assurance Process Works

Explore each step of the process below.

Assess Financial Statement Risk

Develop and execute a risk assessment designed to identify areas of significant risk of financial reporting using the Committee of Sponsoring Organizations (COSO) 2013 Internal Control—Integrated Framework.

Risk assessments address:

  • Financial statement mapping
  • Consideration of business segments
  • Consideration of branch specific risks and controls

Document Internal Controls

Prepare to demonstrate the effectiveness of your controls by reviewing your internal control narratives and supporting documentation for reasonableness and adherence to the internal control framework.

Identify Key Controls

Verify that the key controls described in your institution’s control narratives have been properly identified and are described with sufficient detail for effectiveness testing to facilitate development and execution of detailed control testing plans. 

Test Controls

Evaluate the effectiveness of your controls either for management’s assertions or prior to an audit.

Conduct Remediation Testing

Correct any lingering issues should any of your internal controls need remediation after initial testing.

Industry Expertise

From institutions-in-organizations to multibranch and multistate banks, plus start-ups and banks with billions of dollars in assets, our professionals serve clients across the spectrum of the banking industry.

Delivering a full spectrum of accounting, consulting, and wealth management services, Moss Adams dives deep into your industry to bring greater contextual understanding to every engagement. As a result, conversations are more illuminating and solutions more precise.

Our clients aren’t the only industry leaders who look to us for guidance. We frequently collaborate with influential industry national, regional, and state organizations.

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