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Exam CRCM topic 1 question 298 discussion

Actual exam question from ABA's CRCM
Question #: 298
Topic #: 1
[All CRCM Questions]

Which of the following actions is acceptable under the financial reporting regulations?

  • A. Attaching a narrative explanation by management of the reasons for a cease and desist order as a part of the annual disclosure
  • B. Attaching a copy of the bank's last safety and soundness examination to the annual disclosure
  • C. Including a statement that indicates that the bank's regulatory agency has reviewed the financial information
  • D. Using an unaudited financial statement for the past two years as an annual disclosure statement
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Suggested Answer: A 🗳️
by Cam22 at March 17, 2024, 1:14 p.m.

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Cam22
4 months ago
Selected Answer: C
Under financial reporting regulations, it is acceptable for a bank to include a statement indicating that its regulatory agency has reviewed the financial information. This statement provides assurance to stakeholders that the financial information has undergone regulatory scrutiny.
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