Regulatory Alerts2016-10-26
External Audit of Information Technology Systems of Banks and Financial Institutions
The Bank of Tanzania mandates all external auditors to expand their annual financial reviews to include comprehensive IT system audits for banks and financial institutions, effective from the year ending December 31, 2016. Auditors must evaluate IT governance, system robustness, application controls, data accuracy in financial reporting, and security measures including business continuity, while submitting a detailed standalone IT audit report within three months of each calendar year-end. Financial institutions are responsible for remunerating auditors for these expanded duties under existing regulations, ensuring that certified financial statements accurately reflect credible IT-derived transactional data.
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