BANKING & FINANCE - Sept. 2, 1992
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Bank Audit Rules Proposed: Regulators proposed new rules that would require all but the smallest banks to have their financial statements professionally audited every year. The proposal was required by Congress as a way to improve the safety of the nation’s banking system. Dishonest financial statements and accountants’ complicity in hiding dubious figures have been blamed for contributing to the savings and loan debacle. Lawmakers last year required bank regulators to tighten audit standards by 1993 to avert a similar disaster in the banking industry.
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