Commencing with the 2003 financial statements, the ministry of finance, in consultation with the CBJ, will ensure that the engagement of the external auditor under the bank's new policy of audit rotation, commencing with the 2003 financial statements, will specify that the : (i)  audit of the CBJ's financial statements will be conducted by an internationally recognized audit firm, in accordance with International Standard of Auditing (ISA); (ii)  external audit opinion will be reviewed (so called "second-partner-review") by an international partner with International Accounting Standards (IAS) banking experience from another region of the international audit firm, who would issue an internal report to the "signing-partner", which attests the audit has met international standards (the internal report would be made available to the Board and Fund staff); and (iii) audit engagement would be a term that is greater than one year (e.g. three-to-five years).
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