Regulatory Alerts2011-12-27
CNB Bulletin No. 17/2011 Regarding the Evaluation of Auditors of Financial Institutions
The Czech National Bank issued this bulletin to define the legal grounds and procedures for rejecting auditors of banks, credit unions, and insurance companies. The regulator mandates rejection if an auditor lacks independence, possesses insufficient experience, or has committed serious professional errors. Financial institutions must notify the selected auditor within 30 days, after which the Czech National Bank exercises its power to reject unsuitable candidates through administrative proceedings.
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