Regulatory accounting—What are SBA's regulatory accounting requirements for SBA Supervised Lenders?

CFR · 2024-01-01 · US · Title 13

(a) (b) (c) (1) Is registered or licensed to practice as a certified public accountant, and is in good standing, under the laws of the state or other political subdivision of the United States in which the SBA Supervised Lender's principal office is located; (2) Agrees in the engagement letter with the SBA Supervised Lender to provide the SBA with access to and copies of any work papers, policies, and procedures relating to the services performed; (3)(i) Is in compliance with the AICPA Code of Professional Conduct; and (ii) Meets the independence requirements and interpretations of the Securities and Exchange Commission and its staff; (4) Has received a peer review or is enrolled in a peer review program, that meets AICPA guidelines; and (5) Is otherwise acceptable to SBA. (d) (1) The name, address, and telephone number of the discharged auditor; and (2) If the discharge/change involved a dispute over the financial statements, a reasonably detailed statement of all the reasons for the discharge or change. This statement must set out the issue in dispute, the position of the auditor, the position of the SBA Supervised Lender, and the effect of each position on the balance sheet and income statement of the SBA Supervised Lender. (e) (2) The unguaranteed portions of loans determined to be uncollectible must be charged-off promptly. If the portion determined to be uncollectible by the SBA Supervised Lender is different from the amount determined by its auditors or the SBA, the SB

official document · source cfr-2024 · id 13:§ 120.463