Section 43: External Audit

1[43. External Audit.⸺(1) The accounts, records and financial statements of the bank shall, once a year, be audited in accordance with the international standards on auditing, by two independent external auditors who shall be of good repute and have international experience in the auditing of major international financial institutions or central banks or have affiliations with audit firms that have such experience. (2) The Board, on the recommendation of the audit committee, shall appoint the external auditors for a period of five years and they shall not be eligible for reappointment at that time. (3) The Board may, on the recommendation of the audit committee, terminate the contract of the Bank’s external auditors for good cause. (4) The external auditor shall report to the audit committee and the Board on key matters arising from the audit and in particular on material weaknesses in internal controls relating to the financial reporting process. (5) The external auditors shall have full power to examine all books and accounts of the Bank and obtain all information about its transactions.]

Effective date: 1956-04-18

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