Regulatory Alerts2016-01-01
Circular No. 206: International Standards on Auditing Regarding the Form and Content of Auditors' Reports
The Palestine Monetary Authority issued Circular No. 206/2016 mandating that all banks operating in Palestine coordinate with their external auditors to comply with updated International Standards on Auditing, particularly Standard No. 700 concerning the form and content of audit reports. Financial institutions must apply these updated requirements, including the mandatory inclusion of Key Audit Matters, to audits covering financial periods ending on or after December 31, 2016. This directive explicitly applies to Islamic banks as well, pending the issuance of alternative standards by the Accounting and Auditing Organization for Islamic Financial Institutions.
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