Regulatory Alerts2018-03-06
Guidance Note 2/2018: Meetings with Bank and Controlling Company Boards on Auditor Independence
The South African Reserve Bank’s Office of the Registrar of Banks requires all banks, foreign branches, and controlling companies to conduct 2018 board meetings focused on auditor independence and audit quality. Each institution’s Audit Committee must deliver a forty-five-minute presentation detailing annual independence attestations, quality control assessments, and compliance with non-audit work rules, submitting a copy at least three weeks prior to the meeting. The completed acknowledgement of receipt, signed by both the chief executive officer and the external auditors, must be returned to the Registrar’s office promptly.
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