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  • AU-A AU-A Introduction

    • AU-A.1 AU-A.1 Purpose

      • AU-A.1.1

        This Module presents requirements that have to be met by Islamic bank licensees with respect to the appointment of external auditors. This Module also sets out certain obligations that external auditors have to comply with, as a condition of their appointment by Islamic bank licensees.

      • AU-A.1.2

        This Module is issued under the powers given the BMA under Article 41 of the BMA Law 1973. It supplements Article 79 of the BMA Law, which requires licensees to appoint an external auditor acceptable to the BMA.

    • AU-A.2 AU-A.2 Module History

      • Evolution of Module

        • AU-A.2.1

          This Module was first issued as Module AU (Audit Firms) in January 2005, as part of the first release of Volume 2 (Islamic banks) of the BMA Rulebook. It was subsequently reissued in full in July 2006 (and renamed "Auditors and Accounting Standards").

        • AU-A.2.2

          The reissued Module was one of several Modules modified to reflect the introduction of the BMA'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 BMA Rulebook.

        • 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.

        • AU-A.2.4

          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.

      • Superseded Requirements

        • AU-A.2.5

          Circular Ref Date of Issue Module Ref.
          (July 2004 version)          		 Circular Subject
          BC/5/82 5 Aug 1982 AU 1.1 Approval of Appointment of Auditors
          ODG/59/99 15 Jul 1999 AU 1.1–AU 1.2 Audit Partners of External Auditors and Reporting Accountants of Locally Incorporated Banks
          PIRI Pack - - - - - AU 1.4, AU 3.7 Prudential Information Returns for Islamic Financial Institutions
          ODG/162/03 (partial) 21 May 2003 AU 1.4–AU 1.4, AU 2.2 Outsourcing
          BS/9/03 (partial) 14 Sep 2003 AU 1.5 Operational Risk Management
          BC/1/97 12 Feb 1997 AU 1.6 Request for Approval for Dividend Distribution
          BC/4/99 (partial) 17 Mar 1999 AU 1.6, AU 3.7 Annual Accounts for the Year Ending 31 December 1999
          14/86 19 Jun 1986 AU 2.1 Auditors' Relationship with Supervisors
          BMA/751/93 (partial) 8 Jul 1993 AU 3.2 Directors' Interest in the Shares of, and the Unaudited Quarterly Financial Statements of, Locally Incorporated Banks Quoted on the Bahrain Stock Exchange.
          BC/1/99 22 Feb 1999 AU 3.3 Enhancing Bank Transparency
          EDBC/6/01 (partial) 14 Oct 2001 AU 3.4 Money laundering Regulation
          BC/6/97 21 Apr 1997 AU 4 Reporting Accountants