Monday, 2 March 2015

UK: PRA and external auditor engagement - proposals published

The Prudential Regulation Authority published a consultation paper on Friday titled Engagement between external auditors and supervisors and commencing the PRA’s disciplinary powers over external auditors and actuaries: see here (pdf). Amongst the proposals put forward is one concerning the information provided by auditors to the PRA: the PRA proposes that the external auditors of the largest UK-headquartered deposit-taking institutions that are not subsidiaries of non-UK firms should provide written reports to the PRA as part of the statutory audit cycle.

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