Central Bank of Bahrain Law: Contents

Central Bank of Bahrain and Financial Institutions Law 2006
Central Bank of Bahrain and Financial Institutions Law 2006 (English)
Central Bank of Bahrain and Financial Institutions Law
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Article (61) Auditing of the Licencee's Accounts

(a) Every Licencee shall appoint one or more qualified and experienced external auditors for its accounts for every financial year. A prior written approval by the Central Bank will be required before appointing an auditor.
(b) If a Licencee fails to appoint an auditor within four months from the beginning of the financial year, the Central Bank shall appoint such auditor.
(c) The Licencee shall pay the fees of the auditor regardless of the manner in which such auditor is appointed.
(d) An auditor shall not be the chairman or a director in the Licencee's board or a managing director, agent, representative or taking up any administrative work therein, or supervising its accounts, or a next of kin to someone who is responsible for the administration or accounts of a Licencee, or having an extraordinary interest in a Licencee as the Central Bank may determine.
(e) If any of the circumstances referred to in the preceding paragraph occurs after the appointment of the auditor, the Licencee must appoint another auditor.
(f) The Licencee shall provide the external auditor with all information and assistance necessary for carrying out his duties.
(g) The duties of the auditor shall include the preparation of a report on the final accounts. The report shall contain a statement on whether the Licencee's accounts are correct and reflect the actual state of affairs of the Licencee according to the auditing standards prescribed by the Central Bank and whether the Licencee has provided the auditor with any required information and clarifications.
(h) The final audited accounts shall be presented to the general meeting of the Licencee together with the auditor's report. A copy of these documents shall be sent to the Central Bank at least fifteen days before the date of the general meeting.

If the Licencee is a foreign company, a copy of its final audited accounts together with the auditor's report shall be sent to its main office abroad.
 Versions
(1 Version)
 
Sep 7 2006 onwards
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