Section 62: Auditing

1) A bank or financial institution shall, within four months from the date of completion of the Fiscal Year, have to prepare the balance sheet, profit and loss account, cash flow statement and other financial statements in the formats and according to the methods specified by the Rastra Bank and get the external audit conducted. Such financial statement shall have to be signed by at least two Directors, the Chief Executive and the auditor.

Provided that it shall be as prescribed by the Rastra Bank in case of a branch office of a foreign bank or financial institution carrying on financial transactions by getting approval from the Rastra Bank.

2) In case the bank or financial institution not completing the auditing within the period referred to in sub-section (1) makes a request for an extension of time for auditing, stating reasonable cause, the Rastra Bank may extend the period up to two months.

3) The external auditor shall have to submit the audit report to the concerned bank or financial institution and the Rastra Bank as well.