12 CFR 621.31
§ 621.31 Non-audit services.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 621.31, § 621.31 Non-audit services, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48064
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Full text
Non-audit services are any professional services provided by a qualified public accountant during the period of an audit engagement which are not connected to an audit or review of an institution's financial statements.
(a) A qualified public accountant engaged to conduct a Farm Credit institution's audit may not perform the following non-audit services for that institution:
(1) Bookkeeping,
(2) Financial information systems design,
(3) Appraisal and valuation services,
(4) Actuarial services,
(5) Internal audit outsourcing services,
(6) Management or human resources functions,
(7) Legal and expert services unrelated to the audit, and
(8) Advocating an institution's interests in litigation, regulatory or administrative investigations and proceedings unrelated to external audit work.
(b) A qualified public accountant engaged to conduct a Farm Credit institution's audit may only perform non-audit services, not otherwise prohibited in this section, if the institution's audit committee pre-approves the services and the services are fully disclosed in the annual report.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.