Regulatory Alerts2021-10-21
Guidance Note on Bank Auditors’ Reports on Guernsey Financial Services Commission Returns Used for Prudential Purposes
The Guernsey Financial Services Commission issues this guidance to define the scope and requirements for bank auditors examining prudential returns, specifically Form BSL/2, under the Banking Supervision Law. Auditors must verify that reported information is complete, accurate, and prepared in accordance with regulatory instructions, while reporting material errors or omissions directly to the Commission if management fails to do so. The document mandates that auditors submit their reports within two to three months of the Commission's request and outlines procedures for addressing adverse opinions or significant discrepancies in capital adequacy data.
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