Regulatory Alerts2021-12-23
Oversight of the work of the external auditor
The Banking Supervision Department updated Proper Conduct of Banking Business Directive no. 301 to align with Basel Committee guidelines on external audits. The revision mandates that banking corporations ensure their Audit Committee possesses the necessary skills and resources to effectively oversee external auditors. These requirements apply to financial statement audits commencing on January 1, 2023.
Share