Please
refer to the Guidelines on Internal Controls issued
vide BSD Circular No. 07 dated May 27, 2004 and subsequent
amendment made through BSD Circular No. 06 dated March
03, 2008.
2) It has been decided that the compliance with the
requirement of new para 7.1 “Opinion of Statutory
Auditors on ICFR” would be on voluntary basis
for the year ended December 31, 2008. However this requirement
is mandatory from the year ending December 31, 2009.
3)
Furthermore, all banks/DFIs shall submit a well structured
time bound roadmap by 31-03-2009 for achieving full
compliance of the above guidelines. While preparing
roadmap, all activities shall be chalked out in such
a way that objective of obtaining external auditor’s
“Opinion on ICFR” by the year ending 31-12-2009
is met. For this purpose, Banks/DFIs may seek guidance
from the annexed format
4)
Other instructions on the subject shall, however, remain
unchanged.
Please acknowledge receipt
Encl:
As Above