Regulatory Alerts2018-01-01
Recommendation L on the Role of Statutory Auditors in the Supervision of Banks and Cooperative Savings and Loan Associations
The Polish Financial Supervision Authority (KNF) issued Recommendation L to establish a collaborative, less hierarchical framework for communication between banks, cooperative savings and loan associations (SKOK), statutory auditors, and the regulator. The document mandates specific governance procedures for auditor selection, transparency in tender processes, and the timely exchange of information regarding audit findings and supervisory inspections. These requirements aim to enhance the effectiveness of public supervision, ensure auditor independence, and strengthen the stability of the financial sector in alignment with EU regulations.
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