Chart 1: External Auditors’ Communication on Internal Control Over Financial Reporting for Insured Depository Institutions
A decision tree. Is this institution a public company subject to Sarbanes-Oxley 404? If yes, Is this institution a large accelerated filer or an accelerated filer as defined by the Securities and Exchange Commission? If no, the institution’s external auditor must follow the Public Company Accounting Oversight Board’s SAS 50 Conformed in the Public Company Accounting Oversight Board’s interim standards. If yes, the institution’s external auditor must follow the Public Company Accounting Oversight Board’s AS-5. Is this institution a public company subject to Sarbanes-Oxley 404? If no, does this institution have $1billion or more in total assets? If no, the institution’s external auditor must follow the American Institute of Certified Public Accountants’ SAS 112. If yes, the institution’s external auditor must follow the American Institute of Certified Public Accountants’ AT 501.