Regulatory Alerts2015-08-25
Regulation on External Audits
The Monetary Authority of Maldives issued this regulation to ensure the reliability of financial information and compliance with banking laws by licensed banks. It mandates that banks appoint qualified external auditors, submit audit reports and management letters within strict deadlines, and maintain auditor independence. The Authority reserves the right to impose corrective measures and sanctions, including fines or license suspension, for non-compliance with these external audit requirements.
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