IIA Webcast s302

1
Brian E. Szabo, CPA SVP and General
Auditor SunTrust Banks, Inc.
2
What is FDICIA?

• The Federal Deposit Insurance Corporation
  Improvement Act of 1991
• Elements of FDICIA include
• Focus on internal controls over financial
  reporting
• Annual management assertion on the effectiveness
  of internal controls
• Accountants annual attestation

3
Current Process

• The FDICIA process is managed by a component of
  the companys risk management function.
• Over 60 organizational units submit a self-
  evaluation .
• Information to assist in the completion of the
  control evaluation is maintained on the intranet.
• Internal audit reviews documentation and performs
  some test work.

4
Does FDICIA Help?

• Possibly.
• COSO based
• 10 Years of experience
• Management awareness
• Attestation and review experience

• Unknowns
• Can one process solve FDICIA and 404?
• Is this a minor modification or a reengineering?
• Impact of quarterly 302 process?