Banking Supervisors and External Auditors: Building a Constructive Relationship - GUIDE

The 2008 financial crisis highlighted weaknesses in the risk management, control and governance processes of banks as well as in their statutory audit and financial supervision. This led to increased scrutiny of the respective roles and interactions of banking supervisors and external auditors who are key contributors to market discipline. Auditors ensure that financial information is transparent and reliable while supervisors provide confidence in the financial systems. Both supervisors and auditors allow market players to make informed decisions and contribute to financial stability.

Completing the transition to IFRS in the Ukrainian Banking Sector

From December 1 2015, banks in Ukraine are required to fully transition to the International Financial Reporting Standards (IFRS). Successful transition and implementation of IFRS in Ukraine's banking sector will depend on the ability of both those responsible for arriving at financial estimations and preparing financial statements, and for banking supervisors to understand and confidently apply the key principles of IFRS.

Contributing to financial stability: Encouraging greater dialogue between key players in the banking sector

Story Highlights

  • When supervisors and external auditors of financial institutions collaborate, they can both do their jobs better and ensure greater transparency and soundness in the financial system.
  • The World Bank organizes events and offers publications and tools to help supervisors and external auditors in the banking and insurance sectors communicate better and work together.
  • To support this important collaboration, the World Bank held the Supervisors' Exchange Forum in Vienna, Austria, in September 2016 where it introduced the 

IFRS workshop for Regulators

Over 32 representatives from Central Banks, Banking Supervisory Agencies, and Insurance Supervisory Agencies from 13 countries from Europe and Central Asia attended the Executive IFRS for Regulators Workshop on 26 and 28 November 2018, at the hotel Intercontinental in Vienna. The workshop was one of the several events around the 2018 Ministerial Conference, that took place on 27 November 2018, and was specifically directed at financial supervisors and regulators. This workshop was jointly organized by the World Bank Centre for Financial Reporting Reform (CFRR) and the IFRS Foundation.

IFRS Financial Information for Supervisory Practices

A two-and-a-half day workshop, designed for banking supervisory staff responsible for supervising banks and drafting accounting and prudential regulations, was held in Chisinau between 5 and 7 December, 2018. Speakers included the World Bank’s CFRR senior staff, experts in accounting standards, a former member of Audit Committee of banks as well as representatives of commercial banks and audit firms from Moldova.

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