Regional and smaller financial institutions are facing challenges and risks arising from higher levels of financial stress and recessionary concerns.
Auditors and accountants need to be alert to these banking and lending industry conditions and accompanying risks. In this report, we alert practitioners to possible trouble spots that may require special attention as audits, reviews, and other engagements are performed. We encourage practitioners to keep an eye on these issues for financial institution clients. Auditors and accountants reporting on financial