Versions

 

Article 79

A — Every banking firm must, at the beginning of every financial year, appoint a technically qualified auditor acceptable to the Agency, whose duties shall consist of the preparation of a report on the annual balance sheet and the profit and loss statement to be submitted to the shareholders or owners, and as far as foreign banking firms are concerned, to be sent to their respective head offices abroad. In these reports, the auditor must state whether, in his opinion, the balance sheet and the profit and loss statement are complete, correct and properly drawn up, and whether they reflect a true and correct picture of the operations carried out by the banking firm. He must also state in the report whether the clarifications and information he had called for from the officials and agents of the banking firm are considered satisfactory.
B — If a banking firm fails to appoint an auditor acceptable to the Agency, the Agency shall have the right to appoint an auditor. The banking firm shall pay the fees of the auditor whether he was appointed by the firm itself or by the Agency. However, in the case of the auditor who is appointed by the Agency, his fees shall be fixed by the latter.
C — No person having an interest in a banking firm, with the exception of depositors, nor any director, official, employee, agent or representative of a banking firm, may be appointed as auditor of such a firm. In case the person appointed as auditor acquires, after such appointment, any interest in such firm or becomes a member of its Board of Directors or an official, employee, agent or representative of such firm, he shall be considered "removed" from the office of auditor forthwith.