The Role of the External Auditor in the Regulation and Supervision of the UK Banking System

The Role of the External Auditor in the Regulation and Supervision of the UK Banking System

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The Role of the External Auditor in the Regulation and Supervision of the UK Banking System

This paper focuses on how the external auditor can assist the FSA through two of its principal regulatory tools in the FSA's response to risk, namely supervision and enforcement. The external auditor has a vital role as a supervisory tool in reporting certain matters as obliged by the Financial Services and Markets Act 2000 (FSMA) and also in reporting specific matters through annual reports.

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