Regulatory Alerts2013-02-17
Added
Conducting an Audit and Survey in Accordance with Certain Standards Set Out in the US
The Inspector of Banks updates Banking Management Directive 304A to incorporate PCAOB auditing standards, including the new AS16 standard on communications with audit committees, and adopts ten PCAOB practice alerts regarding fair value measurements, economic environment risks, and professional skepticism. The directive mandates that auditors of Israeli banking and credit card entities apply these US standards for financial reports ending on or after December 31, 2013, and requires the inclusion of attestations regarding internal control over financial reporting and the continuity of previously reported material weaknesses. Specific existing standards (AU 316, AU 325, AU 328, AU 329, AU 330, AU 332, AU 333, AU 337, AU 342, AU 350, AU 390, AU 411, AU 420, AU 560, AU 561, AU 625, AU 722) are cancelled or amended to align with the new requirements.
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