The Fact is…

Financial sector regulator called for banks and their auditors to work closely to ensure banks’ financial statements reflect their true position. Financial sector regulator called for banks and their auditors to work closely to ensure banks’ financial statements reflect their true position.

Central Bank
says this will help enhance the reputation of banks among the industry and
customers.

The bank says
working closely will help the industry tackle difficult areas like adequacy of
capital, loan losses provisions and fair value accounting for traded assets.

External
auditors don’t provide guarantees on the future viability of a banking business
or the efficiency and effectiveness of management.

They give an
opinion on the truth and fairness of the accountants to shareholders.