The external auditors should carry out their validation/review procedures, at a minimum, once every year. Based on the above procedures, the external auditors shall make a report, in writing, on the accuracy of the bank's models, including all significant findings of their work. The report shall be addressed to the senior management and/or the board of directors of the bank, and a copy of the report shall be made available to the CBB. The mandatory annual review by the external auditors shall be carried out during the third quarter of the calendar year, and the CBB expects to receive their final report by 30 September of each year. The results of additional validation procedures carried out by the external auditors at other times during the year, should be made available to the CBB promptly.