Regulatory Alerts2017-06-22
Amendments Proposed to Regulations on External Audit and Accounting
The Financial Services Commission proposed amendments to the Regulations on External Audit and Accounting to exclude unqualified accounting firms from auditor designation. These regulatory changes aim to strengthen public confidence in the external audit system by ensuring only qualified entities serve as auditors. Announced alongside updates to the Financial Investment Services and Capital Markets Act, the revisions also establish higher monetary awards for reporting accounting irregularities.
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