Regulatory Alerts2002-02-05
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Basel Committee on Banking Supervision's Paper on The Relationship between Banking Supervisors and Banks' External Auditors
The Basel Committee on Banking Supervision issued this paper jointly with the International Auditing Practices Committee to provide guidance on strengthening the relationship between bank auditors and supervisors. The document outlines the primary responsibilities of bank management, the essential features of external auditors and supervisors, and additional ways auditors can contribute to the supervisory process. The Hong Kong Monetary Authority recommends that authorized institutions review their internal control processes in light of this guidance and states it will consider the paper when formulating relevant Supervisory Policy Manual guidelines.
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