March 13, 2006 News Archive

External Audit Engagement Letters Advisory
In early February, the federal financial regulatory agencies issued an advisory to address safety and soundness concerns that may arise when financial institutions enter into external audit contracts that limit the auditors' liability for audit services. SR 06-4 states that the advisory is effective for letters executed on or after Feb. 9, 2006.

Comment Period on Guidance on Concentrations in Commercial Real Estate Lending Extended
In response to requests from commenters, the federal financial regulators have extended the comment period on the proposed guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices for 30 days. The new date by which comments must be submitted is April 13, 2006.