“The recent financial crisis not only revealed weaknesses in risk management, control and governance processes at banks, but also highlighted the need to improve the quality of external audits of banks. Given the central role banks play in contributing to financial stability, and therefore the need for market confidence in the quality of external audits of banks’ financial statements, the Basel Committee is issuing for consultation this guidance on external audits of banks. This document describes, through sixteen principles and explanatory guidance, supervisory expectations regarding audit quality and how that relates to the external auditor’s work in a bank. Implementation of the principles and the explanatory guidance is expected to improve the quality of bank audits and enhance the effectiveness of prudential supervision which is an important element of financial stability.”
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