Regulatory Alerts2020-01-01
Role of External Auditors in the Supervision of Licensed Persons
The Reserve Bank of Fiji issued Capital Markets Supervision Policy Statement No. 01 to define the role of external auditors in the prudential supervision of licensed persons under the Capital Markets Decree 2009. The guideline mandates that auditors must be approved by the Reserve Bank, submit audited financial statements within three months of the financial year-end, and participate in mandatory trilateral meetings to coordinate audit scopes and address regulatory concerns. It further empowers the regulator to require special targeted reviews for problem licensed persons and establishes protocols for information sharing and bilateral consultations to enhance supervisory effectiveness.
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