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NBU Changes Some Requirements to Bank Audit

28 December 2018

Press Release

 

The National Bank of Ukraine (NBU) has amended its two Regulations covering audits in banks.

 

Amendments to the Regulation On Internal Audit in Banks of Ukraine[i] are meant to introduce the same requirements to education of a head of a bank’sinternal audit function and a bank’s CEO, based on requirements to the CEO specified in Article 42 of the Law of Ukraine On Banks and Banking.  In particular, both officials shall have a university degree.

 

Besides, the regulator introduced a requirement to the internal audit head to have at least 5 years of work experience in auditing, of which at least 3 years working in bank auditing. The Regulation also defines the procedure for internal audit of a member of a banking group. It shall be performed by internal audit function of the banking group if the banking group member is not legally bound to establish its own internal audit unit.

 

With the amendment to the Regulation On Procedure for Banks to Submit the Audit Report on the Findings of the Annual Audit of Financial Statements to the NBU[ii], the regulator updated the requirement for the banks’ submitting the statistical reporting form on the asset/liability structure by maturities in line with a new version of the Rules for Submitting Statistical Reporting to the NBU.

 

The relevant amendments have been introduced with NBU Board  Resolution No. 152 On Amendments to Some NBU Regulations dated 26 December 2018 coming into effect from 29 December 2018. The Amendment to Regulation No. 90 comes into effect from  1 January 2019.

 

                                                                                                                                                                

 



[i]Regulation On Internal Audit in Banks of Ukraine approved by NBU Board Resolution No. 311 dated 10 May 2016.

 

[ii]Regulation No. 90 On Procedure for Banks to Submit the Audit Report on the Findings of the Annual Audit of Financial Statements to the NBU  dated 2 August 2018.


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Last modification   28.12.2018