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  • AU-A.2 Module History

    • AU-A.2.1

      This Module was first issued as Module AU (Audit Firms) in July 2004, as part of the first release of Volume 1 (conventional banks) of the CBB Rulebook. It was subsequently reissued in full in July 2006 (and renamed 'Auditors and Accounting Standards').

      October 07

    • AU-A.2.2

      The reissued Module was one of several Modules modified to reflect the introduction of the CBB's new integrated license framework. Although the new framework did not change the substance of the requirements contained in this Module, the Module was re-issued in order to simplify its drafting and layout and align it with equivalent Modules in other Volumes of the CBB Rulebook.

      October 07

    • AU-A.2.3

      This Module is dated July 2006. Pages that are subsequently changed in this Module are updated with the end-calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

      October 07

    • AU-A.2.4

      When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 1 was updated in October 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

      October 07

    • AU-A.2.5

      A list of changes made to this Module is provided below:

      Module Reference Change Date Description of Changes
      Whole Module July 2006 Module renamed as Module AU (Auditors and Accounting Standards). Text redrafted but substance of requirements left unchanged.
      AU-A.1 10/2007 New Rule AU-A.1.3 introduced, categorising this Module as a Directive.
      AU-1.2 10/2007 Rule AU-1.2.3 redrafted to clarify reporting obligation.
      AU-1.5 10/2007 Paragraphs AU-1.5.4 and AU-1.5.6 updated to reflect CBB Law requirements on auditor independence.
      AU-3.1 01/2009 Paragraph AU-3.1.1 updated in respect of agreed upon procedures report for review of PIR by external auditors.
      AU-5 01/2009 New Chapter inserted for the role of the reporting accountant.
      AU-5.1 10/2009 Clarification of fee arrangements for reporting accountants.
      AU-A.1.3 01/2011 Clarified legal basis.
      AU-1.1, AU-1.2, AU-1.5, AU-2.1, AU-3 and AU-5 01/2011 Various minor amendments made for consistency in formatting
      AU-3.5 01/2011 Added new Section on report on material differences to be in line with Volume 2.
      AU-3.3.2 04/2011 Added cross reference to Module FC and clarified due date of report.
      AU-3.5.1 04/2011 Corrected name of return.
      AU-3.2 10/2011 Clarification of existing requirement for the Agreed Upon Procedures Report and setting a deadline for the submission of the report.
      AU-5 10/2011 Chapter amended and content moved to Section BR-6.5 and retitled as Role of the Appointed Expert.
      AU-2.2.1 04/2012 Corrected cross reference.
      AU-1.3.1 07/2013 Removed potential exemption regarding audit partner rotation.
      AU-3.2.1 07/2013 Removed potential exemption for external auditor to review published financial disclosures prior to their publication.
      AU-3.3.1 07/2013 Clarified that an approved consultancy firm can also provide the report on compliance with financial crime rules required under Section FC-4.3.
      AU-4.1.2 07/2013 Corrected typo.
      AU-4.1.3 07/2013 Changed Guidance to Rule.
      AU-3.6 01/2014 New Section added dealing with the report on compliance with remuneration rules.
      AU-3.5.1 04/2014 Removed reference to monthly statements of assets and liabilities.
      AU-3.7 04/2014 New Section added on the Report on Eligible Accounts for the Deposits/Unrestricted Investment Accounts Protection Funds
      AU-1.1.1A 07/2014 Added guidance clarifying the information required when seeking the CBB's approval for appointment or re-appointment of the external auditor.
      AU-3.6 07/2014 Where a conventional bank licensee has no approved persons or material risk-takers whose total annual remuneration is in excess of BD100,000, the report on compliance with remuneration rules need not be completed by the external auditor.
      AU-1.5.4 10/2014 Clarified wording of guidance.
      AU-3.1.3 04/2015 Existing exemptions in respect of PIR review will cease as at 31st December 2014 for all Bahraini conventional bank licensees.
      AU-3.6.1 07/2015 Clarified that the external auditor or an approved consultancy firm can also provide the report on the bank's compliance with the remuneration Rules outlined in Chapter HC-5.
      AU-3.2.4 01/2016 Aligned as per the requirements of Module BR.
      AU-3.2.3 07/2017 Amended agreed upon procedures report submission deadline.
      AU-1.5.1 04/2019 Deleted Paragraph on Financial Transactions with Auditor.

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