AA-1.4 AA-1.4 Auditor Independence
AA-1.4.1
Article 61(d) of the CBB Law imposes conditions for the auditor to be considered independent. Before a
specialised 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 thelicensee .October 2010AA-1.4.2
For an auditor to be considered independent, it must, among things, comply with the restrictions in Section AA-1.5.
October 2010AA-1.4.3
If a
specialised licensee becomes aware at any time that its auditor is not independent, it must take reasonable steps to remedy the matter and notify the CBB of the fact.October 2010AA-1.4.4
If in the opinion of the CBB, independence has not been achieved within a reasonable timeframe, then the CBB may require the appointment of a new auditor.
October 2010