On Apr. 14, RSA CB consulted on directivefor auditor applications.
RSA CB issued proposed directive on the submission of auditor applications for banks.
Proposed Directive
Banks must submit specified information as part of submission of application(s) to Prudential Authority (PA) for approval of the appointment of its auditor(s).
PA approval process assesses key areas on proposed audit firm and proposed engagement partner including competence, experience, resourcing of audit firm; audit quality review outcomes; competence, integrity, experience of engagement partner.
Per provisions of section 6(6), Banks Act, banks are directed to submit documents set out in directive in addition to prescribed BA 006 application form.
Effectiveness
Comments on proposed directive must be submitted by May 23, 2025.
