Auditor should meet the Bank’s required standards in terms of independence, experience and competence and satisfy the following criteria:
- They must be impartial and independent of the management of the entity to be audited, and of the person appointing them.
- They must be well-established and reputable using procedures and methods that conform to International Standards on Auditing (ISAs) or International Organization of Supreme Audit Institutions (INTOSAI) auditing standards, and employ adequate staff with the skills and competence required for their responsibilities.
- They must be able to demonstrate experience in auditing the accounts of projects or entities comparable in nature, size, and complexity to the assignments they are to undertake. However, specialized auditing experience, obtainable only from external sources, may be necessary for some projects.
- The audit work should be assigned to personnel who have the professional and technical training and proficiency required in the circumstances.