Which of the following is the most important reason that State Bank Examiners accompany Federal Reserve and FDIC Examiners on financial institution audits in their state?

Multiple Choice

• The State Bank Examiners need to gain maintain knowledge about audit best practices and knowledge about the financial institution.

• The State Bank Examiners have greater knowledge of banking industry trends.

• The State Bank Examiners do not get paid if they do not help perform the audit.

• There are some audit tasks that the State Bank Examiners are qualified to do that the Federal Reserve and FDIC Examiners are not qualified to do.

• The State Bank Examiners do not trust the Federal Reserve and FDIC Bank examiners to do the auidt well.