Regulatory Alerts2024-06-26
The Auditor and the Information Accompanying Financial Statements
The Supervisor of Banks mandates that banking corporations submit accompanying information to auditors for review to prevent discrepancies with audited financial statements. Auditors are required to notify the board of directors of any uncorrected discrepancies or misleading information, with unresolved issues necessitating a formal notice included in the published annual or quarterly reports. This directive clarifies that such reviews do not obligate auditors to perform additional procedures beyond standard auditing requirements.
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