Regulatory Alerts2021-03-09
Regulations on Requirements for Conducting External Audit of Local Branches and Foreign Banks
The Central Bank of Azerbaijan issued these regulations to standardize the external audit process for local branches and foreign banks, mandating compliance with International Standards on Auditing and IFRS. The framework establishes strict auditor independence criteria, selection procedures, and mandatory rotation after five years to ensure objectivity. It further outlines specific auditor rights and obligations, requiring banks to submit signed audit and management reports along with adjustment lists to the Central Bank within five months of each reporting year.
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