Subject: File No. S7-22-99  Audit Committee Disclosure Rules
Author:  "MIKE DEE" <mdee@Patapscobank.com> at Internet 
Date:    11/22/99 9:43 AM
     
     
My only comment has to do with proposed requirement that independent auditors 
review the financial information included in the 10-QSB. I work for a small 
community bank.
     
 If this requirement is included in the new rule, will the SEC extend the filing
deadline - at least for SB filers ,who typically do not hav ethe resources to 
accelerate the preparation of these reports?  On a quarterly basis, we close the
books, prepare internal reports for management & the Board, complete the call 
report for the Federal Reserve,  close out the next month end, prepare internal 
reports and then prepare the 10-QSB.
     
There is no slack in this time-line. Since the auditors wiould probably require 
at least a week to review, this requirement would probably push us over the edge
as far as having to hire a person whise primary responsibility would be 
regulatory reporting.