Even Banks Are Finding SOX 404 Control Testing Difficult

In 1991, Congress passed the Federal Deposit Insurance Corporation Improvement Act, also known as FDICIA, to strengthen banking practices after a string of problems in the 1980s. Lawmakers included tough new supervisory standards, raised bank capital requirements, and gave examiners new powers to resuscitate troubled institutions. Section 36 of the FDICIA calls for tests, documentation, and management attestation of financial controls.

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