Regulatory Alerts2011-06-15 | 42/2011Bank of Albania Regulation 42/2011 on Statutory Auditors for Banks and Foreign Bank Branches
The Bank of Albania’s Supervisory Council issued Decision No. 42 to approve a regulation establishing the criteria, documentation, and approval procedures for statutory auditors of domestic banks and foreign bank branches. Banks must submit complete audit applications by July annually, demonstrating at least three years of IFRS-compliant auditing experience and professional ethics, while the central bank evaluates these submissions within one month. The regulation mandates comprehensive statutory audits covering financial statements, risk management compliance, internal audit systems, and information technology, culminating in a detailed annual report that supersedes the previous 2003 framework.
Share