FDIC's Implementation of the Sarbanes-Oxley Act of 2002 – Memorandum

September 29, 2004
Audit Report No. 04-042


FDIC
Federal Deposit Insurance Corporation
Division of Supervision and Consumer Protection
Washington, D.C. 20429-9990

DATE: September 22, 2004

MEMORANDUM TO: Stephen M. Beard, Deputy Assistant Inspector General for Audits

FROM: Michael J. Zamorski [Electronically produced version; original signed by Michael J. Zamorski], Director

SUBJECT: Response to Draft Report Entitled, FDIC's Implementation of the Sarbanes-Oxley Act of 2002 (Assignment Number 2004-040)

Thank you for the opportunity to review and respond to the Office of Inspector General's (OIG) draft report entitled FDIC's Implementation of the Sarbanes-Oxley Act of 2002. We are pleased that the draft report states that the Division of Supervision and Consumer Protection (DSC) has implemented appropriate guidance for applicable provisions of the Sarbones-Oxley Act. Further, we concur with your observation that the Act did not have a major impact on FDIC-supervised financial institutions because of pre-existing audit committee and internal control reporting requirements imposed by the Federal Deposit Insurance Corporation Improvement Act of 1991. We appreciate the OIG's recognition of our efforts in this area and we thank the OIG for the courtesies extended by your staff.

Last updated 10/25/2004