Regulatory Alerts2018-07-17
Added
MAS Notice 615 Appointment of Auditors
The Monetary Authority of Singapore issued this notice to regulate the appointment and reappointment of auditors for all banks in Singapore under the Banking Act. It mandates that banks submit proposed auditors for annual approval and prohibits the reappointment of auditors serving for ten or more consecutive years without a new public tender, subject to specific grandfathering provisions. Additionally, banks are required to maintain robust processes for auditor selection that prioritize knowledge, independence, competence, and effectiveness.
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