Regulatory Alerts2020-10-12
The Auditor Protocol
The Central Bank of Ireland issued this protocol to enhance information sharing and improve regulatory and statutory audit processes with auditors of regulated financial service providers. It mandates open communication channels, requiring firms to exchange contact details within five days of appointment and ensuring all interactions remain confidential under the Central Bank Act. The document establishes frameworks for bilateral and trilateral meetings to discuss risk profiles, audit findings, and governance issues, while explicitly stating that these measures do not alter the statutory nature of the audit.
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