Regulatory Alerts2012-03-22
Controls and Procedures Relating to Disclosure and Internal Control over Financial Reporting
The Supervisor of Banks issued this directive to mandate that banking corporations and credit card companies implement robust controls and procedures for public disclosure and internal financial reporting. The regulation requires management, in cooperation with the CEO and Chief Accountant, to evaluate the effectiveness of these controls quarterly for disclosure and annually for internal control over financial reporting. These assessments must utilize recognized frameworks, such as US Securities and Exchange Commission guidance, to ensure the reliability and accuracy of financial statements.
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