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Past version: effective from Oct 1 2007 - Dec 31 2010.
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Section OM-2.7 generally prohibits conventional bank licenseesG from outsourcing their internal audit function to the same firm that acts as their external auditors. However, the CBB may allow short-term outsourcing of internal audit operations to a conventional bank licensee'sG external auditor, to meet unexpected urgent or short-term needs (for instance, on account of staff resignation or illness). Any such arrangement will normally be limited to a maximum period of one year and is subject to the CBB prior approval.

October 07
(2 Versions)
Oct 1 2007 - Dec 31 2010Jan 1 2011 onwards
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