Regulatory Alerts2014-10-15
External Auditors of Newly Acquired or Established Entities
The Office of the Registrar of Banks amends the section 52 approval condition requiring external auditors of newly acquired or established subsidiaries to match those of the parent group. Banks may now appoint different auditors for these entities on a case-by-case basis, provided they submit a detailed motivation supporting the proposed appointment alongside their application. This updated approach applies retrospectively to small- and medium-sized audit firms, allowing banks discretion to reappoint them subject to prior regulatory approval.
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