Bank Secrecy Act (BSA): A federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for cash transaction reporting.
Federal Deposit Insurance Act: Legislation that created the FDIC and establishes the standards for federal deposit insurance and bank examinations.
Federal Reserve Act: The foundational law establishing the Federal Reserve System and its oversight responsibilities for banking institutions.
Sarbanes-Oxley Act of 2002 (SOX): Federal law that established enhanced standards for corporate financial reporting and internal controls, affecting bank auditing procedures.
Generally Accepted Auditing Standards (GAAS): Professional standards governing the conduct of financial audits by certified public accountants.
FDIC Regulations: Regulatory guidelines established by the Federal Deposit Insurance Corporation for bank operations and auditing.
Federal Reserve Board Requirements: Specific requirements set by the Federal Reserve for bank operations, reporting, and audit procedures.
OCC Guidelines: Standards and procedures established by the Office of the Comptroller of the Currency for national bank supervision and auditing.
Generally Accepted Accounting Principles (GAAP): Standard accounting principles that must be followed in financial reporting and auditing in the United States.
AICPA Standards: Professional standards established by the American Institute of Certified Public Accountants for conducting audits.
PCAOB Standards: Requirements set by the Public Company Accounting Oversight Board for auditing public companies, including banks.
Bank Internal Control Requirements: Federal Reserve guidelines for internal control systems within banking institutions.
Anti-Money Laundering (AML) Requirements: Regulatory requirements for preventing and detecting money laundering activities in banking operations.
Know Your Customer (KYC) Regulations: Requirements for banks to verify customer identity and assess risks in banking relationships.
State Banking Laws: Varying state-specific regulations governing banking operations and audit requirements within individual states.
