Dear Sirs/ Madams,

Guidelines on Internal Controls - Internal Control over Financial Reporting (ICFR)

Please refer to BSD Circular No. 03 dated June 10, 2010 and other instructions issued on the subject from time to time.

2) It has been decided that the statutory auditors of the Banks/ DFIs can now submit to this department, a “Long Form Report”, through the management of respective bank/ DFI for the year ended December 31, 2010 latest by June 30, 2011.

3) Moreover, the banks/ DFIs shall submit a status report to this department by April 15, 2011 indicating how they are progressing towards meeting this extended timeline.

4) All other instructions on the subject shall, however, remain unchanged.
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