Regulatory Alerts2012-11-09
Regulation on External Audit of Banks
The Central Bank of the Republic of Kosovo issued this regulation to standardize and strengthen the oversight framework for external auditors of all licensed domestic and foreign banks. It mandates CBK approval based on licensing, experience, and good repute, while requiring audits to comply with International Auditing Standards and IFRS across risk management, internal controls, and financial reporting. The regulation establishes strict independence rules, standardized audit fees, mandatory quality reviews by the CBK, and enforcement mechanisms including warnings and civil penalties for non-compliant auditors.
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