FDICIA Consulting Services

FDICIA Consulting Services

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A Fresh Look at Implementing FDICIA

Crossing $1 billion in assets? It’s time for a BKD Trusted Advisor™. New doesn’t have to be overwhelming. We have the expertise to help you implement and meet the requirements of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) Part 363.

Our four-step approach to FDICIA implementation is tailor-made to help your institution tackle everyday challenges. We can assist with documenting your control environment, selecting key controls over financial reporting, and testing to assess whether controls work properly. We also can help test whether internal control over financial reporting (ICFR) is being followed consistently. You can rely on our advisors to recommend solutions to help improve efficiency in certain areas of operation. Whether you are just getting started or are having to quickly adjust due to rapidly evolving regulations, BKD can help shoulder the load.

FDICIA Consulting ServicesFDICIA Consulting Services

Phase 1: Planning & Management Education

The first phase of FDICIA implementation is all about setting priorities. We listen to your needs and establish expectations for how the process will work. We also coordinate with your organization’s leadership team to determine roles and foster effective cooperation.

Phase 2: Internal Control Documentation

The second phase of implementation focuses on documenting and evaluating risk associated with financial statement line items. We use an established framework to help design and implement effective controls. This helps prep for testing and recommendations.

Phase 3: Testing

Testing is the third phase of FDICIA implementation. Our trusted advisors will take a deeper look into any potential weaknesses and then retest them after revisions have been made.

Phase 4: Reporting

The fourth phase of implementation involves us reporting the results of our analyses. BKD’s trusted and experienced professionals will step back, create a wholistic picture of your process, and then provide you with clear and actionable recommendations.

How can we help you?

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