The present Guide draws together recommendations to improve the relationship between supervisors and external auditors illustrated by good practices from 35 supervisory authorities across Europe and Central Asia (ECA). It has been developed as a supplement to the 2015 World Bank Centre for Financial Reporting Reform (CFRR) report on Banking Supervisors and External Auditors: Building a Constructive Relationship. Its main objective is to assist banking supervisors in managing their relationships with banks' auditors and in developing their policies which will contribute to build enhanced auditing and supervisory practices.

The Guide also takes into account the 2014 Guidance of the Basel Committee on Banking Supervision (BCBS) on External Audits of Banks and the 2016 European Banking Authority (EBA) Guidelines on the Communication between auditors and competent authorities. The CFRR's report and its work are acknowledged in the EBA guidelines.