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Location: Central Bank of Bahrain Volume 1—Conventional Banks > Part A > High Level Standards > AU Auditors and Accounting Standards > AU-1 Auditor Requirements > AU-1.4 Auditor Independence
  • AU-1.4 Auditor Independence

    • AU-1.4.1

      Article 61(d) of the CBB Law imposes conditions for the auditor to be considered independent. Before a conventional bank licenseeG appoints an auditor, it must take reasonable steps to ensure that the auditor has the required skill, resources and experience to carry out the audit properly, and is independent of the licenseeG .

      October 07

    • AU-1.4.2

      For an auditor to be considered independent, it must, among other things, comply with the restrictions in Section AU-1.5.

      October 07

    • AU-1.4.3

      If a conventional bank licenseeG becomes aware at any time that its auditor is not independent, it must take reasonable steps to remedy the matter and notify the CBB of the fact.

      October 07

    • AU-1.4.4

      If in the opinion of the CBB, independence has not been achieved within a reasonable timeframe, then the CBB may require the appointment of a new auditor.

      October 07

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