Regulatory Alerts2025-12-04
Directive on the Submission of Auditor Applications for Banks
The Prudential Authority directs banks, controlling companies, and foreign branches to submit prescribed documentation alongside form BA 006 when applying for auditor appointment approval. Applications must now include the proposed engagement partner’s current work commitments, recent IRBA inspection reports for both the firm and partner, internal quality review outcomes, and root-cause analyses for any deficiencies. This streamlined requirement eliminates the previous practice of ad hoc document requests, ensuring timely PA assessments within 30 days of appointment while allowing conditional approvals and mandatory information disclosure permissions.
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