which statement most accurately describe the federal deposit insurance corporation auditor independence requirement?
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[Certain FDIC policy statements address auditor independence. ]
For audits to be effective, the external auditors must be independent in both fact and appearance, and must perform all necessary procedures to comply with auditing and attestation standards estab- lished by either the AICPA or, if applica- ble, the Public Company Accounting Oversight Board (PCAOB).
They guarantee the safety of deposits up to $250,000 in the financial institutions that it insures.
The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
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