BSD Circular Letter No. 03
January 26, 2005 

The Presidents/Chief
All Banks/DFIs,

Dear Sirs / Madam, 


        Please refer to Para 7 of the Guidelines on Internal Controls issued vide BSD Circular No.7 of May 27, 2004.

2. It has been decided that banks/DFIs will include a Statement on Internal Controls in their Annual Reports as of 31st December, 2004, as required vide above referred Para 7 of the Guidelines. However, the compliance of the requirement regarding attestation of this Statement by the External Auditors as per Para 7 (c) has been deferred for one year and will now be effective from the year ending on December 31, 2005. The banks/DFIs are required to achieve full compliance of the Guidelines on Internal Controls within this extended time period.

3. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.

Yours faithfully,



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