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Location: Central Bank of Bahrain Volume 2—Islamic Banks > Part A > High Level Standards > AU Auditors and Accounting Standards > AU-3 Auditor Reports > AU-3.7 Report on Compliance with Remuneration Rules > AU-3.7.1
  • AU-3.7 Report on Compliance with Remuneration Rules

    • AU-3.7.1

      Unless specifically excluded in accordance with Paragraph AU-3.7.3, Islamic bank licenseesG must arrange for their external auditor or a consultancy firm approved by the CBB as per Paragraph BR-4A.3.2, to report on the bank's compliance with the requirements contained in Chapter HC-5, at least once a year.

      Amended: July 2015
      Amended: July 2014
      Amended: April 2014
      Added: January 2014

    • AU-3.7.2

      The report specified in Rule AU-3.7.1 must be in the form agreed by the CBB, and must be submitted by the bank to the supervision point of contact at the CBB when the audited financial statements are submitted, i.e. within 3 months of the bank's year end (See Section BR-4A.3).

      Added: January 2014

    • AU-3.7.3

      Where an Islamic bank licenseeG has no:

      (a) Approved personsG ; or
      (b) Material risk-takersG

      whose total annual remunerationG (including all benefits) is in excess of BD100,000, Paragraph AU-3.7.1 does not apply. In this instance, an annual notification must be sent to the CBB once it is determined that this situation applies.

      Added: July 2014

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