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  • AU-1.4 AU-1.4 Auditor Independence

    • AU-1.4.1

      Before a conventional bank licensee 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 licensee.

    • AU-1.4.2

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

    • AU-1.4.3

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

    • AU-1.4.4

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