Regulatory Alerts2014-02-12
Guideline on Transactions or Conditions respecting Well-being of a Financial Institution Reportable by the External Auditor to the Bank of Mauritius
The Bank of Mauritius issued this guideline to require external auditors of financial institutions to immediately report transactions and conditions that materially affect the institution's well-being. Mandated by Subsection 39 of the Banking Act 2004, the reportable matters include material adverse risk changes, going concern doubts, statutory breaches, internal control deficiencies, management conflicts, and auditor resignations. Auditors must assess these factors during financial statement audits and notify the central bank promptly, ensuring that emerging threats to depositor security and institutional viability are addressed without extending the core audit scope.
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