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New guidelines created for bank audits Back  
The Basel Committee on Banking Supervision and the International Federation of Accountants (IFAC) have jointly developed two papers on new international guidelines for bank audits. The papers address the unique issues associated with auditing banks and aim to enhance the effectiveness of bank audits worldwide. Introducing the papers Dietz Mertin, chairman of the International Auditing Practices Committee of IFAC said, ?Banks play a vital role in economic life and the continued strength and stability of the banking system is a matter of general public interest. That is why the committee has made it a priority to update its guidance in this area.
The first paper entitled, ?Audits of Bank Financial Statements? focuses on various stages of a bank audit with emphasis on matters either peculiar to, or of particular importance in these audits. The other paper, ?The Relationship between Banking Supervisors and Banks? External Auditors? provides information on how this relationship can be strengthened to their mutual advantage. This takes into account the Basel Committee?s Core Principles for Effective Banking Supervision.
Both the IFAC and the Basel Committee recognise that relationships between bank supervisors and auditors vary from country to country and therefore the guidance in its entirety may not be applicable in all countries. ’

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