On Dec. 16, UKRN CB updated auditor violation reporting procedure.
UKRN CB updated ruses for informing by UKRB CB auditors on identified violations.
Key Points
UKRN CB auditors are required to inform about providers of financial services that are of public interest and the Motor Insurance Bureau on all violations of the law.
This includes non-compliance with prudential requirements and standards, significant threats or doubts regarding the ability of the enterprise to continue its activities.
And of financial service providers supervised that are not of public interest, on significant violations of the law, a significant threat or doubts about the ability to continue operations as a going concern and the presence of a modified opinion.
The auditor will provide relevant information in electronic or paper form, complying with the requirements established by UKRN CB for the content of such information
Effectiveness
The procedure is approved by res 147, which comes into force on Jan. 1, 2025
