Regulatory Alerts2010-05-12
Banks Act Guidance Note 1/2010: Meetings with Audit Committees and External Auditors in 2010
The South African Reserve Bank’s Office of the Registrar of Banks issues this guidance note to mandate the scope and format of 2010 trilateral meetings between banks, their audit committees, and external auditors. The discussions will now explicitly include the risk and capital management committee and require detailed presentations on external and internal audit findings, regulatory compliance under the Banks Act, and committee governance performance. Institutions must distribute the guidance to their independent auditors and return a jointly signed acknowledgement of receipt to the Registrar to confirm compliance with these supervisory requirements.
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