Regulatory Alerts2018-10-30
Central Bank of the UAE Financial Reporting and External Audit Regulation 162/2018
The Central Bank of the UAE issued Regulation 162/2018 to establish minimum standards for financial reporting and external audit, aiming to ensure bank soundness and financial stability. The regulation mandates that banks prepare financial statements in accordance with International Financial Reporting Standards and appoint Central Bank-approved external auditors who must rotate every six years. It further imposes strict requirements on audit independence, mandates the prompt reporting of significant matters to the regulator, and replaces all previous circulars on these topics.
Share