Regulatory Alerts2004-01-01
Banks Act Circular 16/2004: Auditor Rotation
The Registrar of Banks mandates the rotation of lead and engagement audit partners for all banks and their controlling companies to enhance auditor independence. Auditing partners are restricted to a maximum five-year service period per institution, followed by a mandatory three-year cooling-off period before they may resume auditing the same entity. The regulation applies retrospectively starting with the 2004 and 2005 financial year-ends, excludes concurring and specialist partners from rotation, and requires staggered implementation for joint audit firms.
Share