Regulatory Alerts2020-01-07 | 29601Added · Updated
Guideline on the Implementation of the Tax Information Exchange Agreements (USA) - Section 12 Internal and External Audit
The Central Bank of Trinidad and Tobago mandates that reporting financial institutions complete their first internal audit review by March 31, 2019, and annually thereafter. Additionally, these entities must submit their first external audit report to the Central Bank within four months after the end of their 2020 financial year, with subsequent reports required every three years. This directive applies to financial institutions regulated under the Financial Institutions Act, 2008, insurance companies, and the Institute of Chartered Accountants of Trinidad and Tobago.
CENTRAL BANK OF TRINIDAD & TOBAGO Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt
October 9, 2018
CIRCULAR LETTER TO: FINANCIAL INSTITUTIONS REGULATED UNDER THE FINANCIAL INSTITUTIONS ACT, 2008 INSURANCE COMPANIES REGISTERED UNDER THE INSURANCE ACT CHAP. 84:01 AND INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT)
REF: CB-OIFI-2711/2018
GUIDELINE ON THE IMPLEMENTATION OF THE TAX INFORMATION EXCHANGE AGREEMENTS (UNITED STATES OF AMERICA) ACT, 2017 (“GUIDELINE”) SECTION 12 – INTERNAL AND EXTERNAL AUDIT
The Central Bank of Trinidad and Tobago (“Central Bank”) advises that, in accordance with section 12 of the Guideline which was issued in November 2017, every reporting financial institution should conduct internal and external audit reviews in relation to the requirements of the Tax Information Exchange Agreements (United States of America) Act, 2017 (“TIEAA”) and the Guideline.
Based on the requirements of section 12.1 of the Guideline, an internal audit review should be completed by December 2018 and annually thereafter. To the extent that you have not yet completed your internal audit review or do not foresee that it will be completed by this time, you should arrange to have one completed by March 31, 2019.
Further, we have received several requests for guidance on the timing of external audit reviews, which the Guideline requires to be conducted every three years. In this regard, we advise that the first external audit report should be submitted to the Central Bank within four (4) months after the end of your 2020 financial year and every three years thereafter.
Please be guided accordingly.
Yours sincerely
[Signature]
Michelle Francis-Pantor Deputy Inspector - Banks, Non-Banks and Payment Systems Oversight FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT