Print

Guidance Notes & Guidelines

Guidance Notes

Approval of Auditor – Section 11 FSC Act

Section 11(1) of the Financial Services Commission Act 2010-21 requires every financial institution to appoint an auditor annually to conduct an audit of the institution. Section 11(2) further states that an auditor may not be appointed by a financial institution for the purposes of Section 11, unless that auditor is approved by the Commission as having the capacity and resources to satisfactorily audit that particular financial institution.

In order to satisfy this requirement each financial institution should submit a request for approval in writing at least fourteen (14) days prior to the appointment of the auditor for its upcoming financial year.

The letter should be accompanied by a completed Auditor Approval Questionnaire (see below).