Regulatory Alerts2018-10-30
Central Bank of the UAE Financial Reporting and External Audit Standards 162/2018
The Central Bank of the United Arab Emirates issued mandatory Financial Reporting and External Audit Standards 162/2018 to regulate financial reporting and external audit practices for all authorized banks. The document requires boards to maintain robust risk governance frameworks, mandates compliance with International Financial Reporting Standards, and establishes strict protocols for external auditor independence, rotation, and prohibited non-audit services. It further imposes specific duties to report to the Central Bank and detailed oversight requirements for banks offering Islamic financial services.
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