Regulatory Alerts2022-01-01
Instructions No. 3-2022 Concerning External Auditors
The Palestine Monetary Authority issued Instructions No. 3-2022 to mandate external auditor rotation and joint audit requirements for all licensed banks in Palestine. The regulations prohibit banks from engaging their external auditors for specific non-audit services, such as bookkeeping, internal audit, or actuarial consulting, to preserve auditor independence. Additionally, banks must contract independent specialists to evaluate their internal control and governance environments at least once every three years and submit compliance reports to the Authority within thirty days of the instructions' issuance.
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