Regulatory Alerts2004-11-29
Framework on the Relationship Between Bank Supervisors and Banks' External Auditors - October 2004
The Reserve Bank of Zimbabwe issued this framework to strengthen cooperation between banking supervisors and external auditors, mandating formal reporting, periodic tripartite meetings, and strict independence criteria to support risk-based supervision. The document requires auditors to promptly disclose material breaches, misstatements, and governance issues while ensuring prior regulatory approval for appointments, fee caps, and audit rotation. By clarifying these roles, the framework enables supervisors to leverage external audit work, reduces regulatory duplication, and enhances the overall safety and soundness of Zimbabwe’s banking system.
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