National Credit Union Administration February 9, 2006 – Federal Register Recent Federal Regulation Documents

Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters
Document Number: 06-1189
Type: Notice
Date: 2006-02-09
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OTS, Board, FDIC, NCUA, and OCC (collectively, the ``Agencies''), have finalized the Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters (``Advisory''). The Advisory informs financial institutions'' boards of directors, audit committees, and management that they should not enter into agreements that incorporate unsafe and unsound external auditor limitation of liability provisions with respect to engagements for financial statement audits, audits of internal control over financial reporting, and attestations on management's assessment of internal control over financial reporting.