21. The following new section is hereby inserted immediately after section 38 and shall have effect as section 38A of the principal enactment: -
| 38A.
| | (1) The Monetary Board may having regard to the need to ensure that experienced and competent qualified auditors are engaged in auditing the accounts of licensed commercial banks, issue guidelines to the Director of Bank Supervision who shall select from time to time in accordance with such guidelines, such number of qualified auditors to" audit the accounts of licensed commercial banks and transmit a list of such selected qualified auditors to all licensed commercial banks. | | |
| | (2) It shall be the duty of all licensed commercial banks to select their auditors for purpose of auditing its accounts from and out of the list transmitted under subsection (1).". | | |
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Sri Lanka Consolidated Acts