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  • AA-5.3 AA-5.3 Other Notifications to the CBB

    [The Rules and guidance in this Section were moved to Section BR-3.5 in October 2011]

    • AA-5.3.1

      Reporting accountants should communicate to the CBB, during the conduct of their duties, any reasonable belief or concern they may have that any of the requirements of the CBB, are not or have not been fulfilled. These may include:

      (a) Criteria for licensing (see Module AU);
      (b) Material loss or significant risk of a material loss; or
      (c) Client interest at risk because of adverse changes in the financial position, management or other resources of the licensee.

      Notwithstanding the above, it is primarily the licensee's responsibility to report such matters to the CBB.

      Adopted: July 2010

    • AA-5.3.2

      The CBB recognises that reporting accountants cannot be expected to be aware of all circumstances which, had they known of them, would have led them to make a communication to the CBB as outlined above. It is only when reporting accountants, in carrying out their duties, become aware of such a circumstance that they should make detailed inquiries with the above specific duty in mind.

      Adopted: July 2010

    • AA-5.3.3

      If reporting accountants decide to communicate directly with the CBB in the circumstances set out in paragraph AA 5.3.1 above, they may wish to consider whether the matter should be reported at an appropriate senior level in the licensee at the same time and whether an appropriate senior representative of the licensee should be invited to attend the meeting with the CBB.

      Adopted: July 2010