TITLE

Treasury I.G. to Audit Citigroup Bailout

PUB. DATE
August 2009
SOURCE
American Banker;8/20/2009, Vol. 174 Issue 160, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The author reports that the federal asset guarantees that Citigroup Inc. received from the U.S. government will be audited. The audit is being done by Neil Barofsky, the inspector general of the U.S. Troubled Asset Relief Program (TARP), to determine how the guaranty is structured, why it was given and have steps been taken to ensure that the government will not lose any money. Predictions that have been made regarding the amount of time the audit will take to complete are mentioned.
ACCESSION #
43911140

Tags: AUDITING;  CITIGROUP Inc.;  BAROFSKY, Neil;  BANK examination;  CORPORATIONS -- Auditing;  BANKING industry -- Accounting

 

Related Articles

  • Risk-Focused Bank Examinations: Regulators of Large Banking Organizations Face Challenges: GGD-00-48. McCool, Thomas J. // GAO Reports;1/24/2000, p1 

    Examinations by federal banking regulators are intended to assess the safety and the soundness of banks and identify conditions that may require prompt action to remedy unsafe and unsound banking practices. In recent years, banking regulators have begun emphasizing an institution's internal...

  • Please read accounts more carefully. Bose, Mihir // Accountancy;Nov79, Vol. 90 Issue 1035, p19 

    This section discusses an article in the Daily Mail in September 1979, which stated that Giro bank's "accounting records have not been properly kept and we have not obtained all the information and records we require." The article stated that the bank's auditors, Touche Ross & Co. and Coopers...

  • Community Bank Audit Role Change. NABER, JAMES D. // Maine Community Banker;2008 3rd Quarter, p12 

    The article discusses the role and responsibilities of audit committees. It states that the audit committee is critical to the integrity, transparency, and internal control environment of a community bank. According to the article, the audit committee ensures the quality and integrity of the...

  • Audit Citigroup? What About the Fed? Jasper, William F. // New American (08856540);9/14/2009, Vol. 25 Issue 19, p44 

    The article discusses the issue concerning the decision of Neil Barofsky, Special Inspector General (SIG) of the U.S. Treasury Department's 700 billion dollar Troubled Asset Relief Program (TARP), to audit the 301 billion dollars of federal asset guarantees extended to Citigroup Inc. in November...

  • Preparing for the Annual Audit. Milligan, Jack // Community Banker;Jun2006, Vol. 15 Issue 6, p40 

    The article offers advice for community banks on preparing for annual audit in the U.S. Banks can conduct meetings with auditors to update them on the changes it made that could affect to its accounting. They should also form a committee that would prepare certifications and assessment process....

  • Bank certificates for audit. Woolf, Emile // Accountancy;Dec1991, Vol. 108 Issue 1180, p64 

    The article answers a questions on bank certificates for audit. The practice of seeking a direct third party written communication lies at the auditing verification procedures and it can only be dispensed when alternative procedures are available. Bank managers should be given ample notice...

  • OVERVIEW OF THE CAAMPL EARLY WARNING SYSTEM IN ROMANIAN BANKING. DRIGA, IMOLA; DURA, CODRUTA; RASCOLEAN, ILIE // Annals of the University of Petrosani Economics;2011, Vol. 11 Issue 2, p71 

    The uniform bank rating system is a specific instrument for the supervising activity and has its origins in the USA; it has later been borrowed by German, Italian, Great Britain authorities, which use influential components in their banking system; later on, their system was adopted by most...

  • Development of a proposed standard inter-bank confirmation request. Brown, Colin // Accountancy;Jun80, Vol. 91 Issue 1042, p73 

    This article focuses on the standard inter-bank confirmation request proposed by the International Audit Practices Committee (IAPC) of the International Federation of Accountants and the Committee on Banking Regulations and Supervisory Practices of industrialized countries in 1980. The...

  • What New Agency Powers Mean for Financial Auditors. Vartanian, Thomas P.; Hardison, David B. // American Banker;7/23/2004, Vol. 169 Issue 141, p11 

    Reports that recent actions by bank regulators demonstrate the agencies' increased powers against auditors of financial institutions. How agencies, such as the U.S. Office of the Comptroller of the Currency, can act against an accountant who lacks the qualifications to perform audit services;...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics