ard of directors. For example, the following opinion appears in the 1969 annual report ofa large New York bank, asa third paragrap h in the independent ac countant's standard short-form report: Our examination included an evaluation of the effectiveness of the hunk's internal accounting controls, inc lu ding the internal auditing. Inour opinion, lie procedures in effect, together with the examinations conducted by the bank's internal audit staff, constitute an effective system of internal accounting control. Opinions are rendered for a few other banks, but they are essentially the same as the quoted opinion. SEC requirements . SEC Form X-17A-5, w hic h requires that the independent auditor make certain representations conc erning internal c ontrol, must be filed annually by most members of
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