Circular CN-BSD/2017/9: External Audit Reports - Reliability of Internal Controls

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY MALDIVES

ދިވެހިރާއްޖޭގެ ޤައުމީ ބޭންކް މޯލްޑިވްސް މަނިޓަރީ އޮތޯރިޓީ

Circular no: CN-BSD/2017/9

3rd April 2017

To: All Banks

Dear Sir,

External Audit Reports – reliability of internal controls

Section 49(f)(2)(b) of the Maldives Banking Act (2010), requires that the bank’s external audit report state whether the bank maintains internal controls designed to provide reasonable assurance regarding the reliability of several areas. Therefore banks shall ensure that the necessary assessments are made by the external auditors, in sufficient detail, to arrive at a conclusion with respect to all the requirements under the referred Section.

Please note that with respect to the following areas, reporting may be done separately from the main external audit report, and submitted to MMA.

1. The risk management policies and procedures of the bank
2. Systems for the prevention of money laundering and the financing of terrorism

Please ensure that this is addressed effective from the external audit for the year 2017 (to be reported by 30th April 2018).

Yours sincerely,

(Signature)

Neeza Imad Assistant Governor, Financial Stability

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