Regulatory Alerts2024-04-09
External Auditor Performing Audits and Reviews in Accordance with Certain US Standards
The Supervisor of Banks mandates that external auditors of banking corporations implement specific US auditing standards, including those from the PCAOB and AICPA, for annual and quarterly financial statement reviews. The directive requires auditors to attach an attestation report on internal control over financial reporting formulated according to PCAOB standards, specifically Auditing Standard No. 5. Additionally, auditors must address previously reported material weaknesses using PCAOB Auditing Standard No. 4 and must concurrently implement any future changes to these US standards as they become effective in the United States.
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