All banks will now be able to access audit reports online, the director general of Iranian Association of Certified Public Accountants announced. “Filing of requests by the banking system to confirm the veracity of audit reports related to individuals and companies will henceforth be done electronically,” Seyyed Mohammad Alavi also said in a talk with Fars News Agency. Alavi said the system, which allows the banking system to confirm the credibility of audit reports done by all accounting firms that are members of IACPA, has been dubbed Pardis and is officially opera...

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top Iranian banking observer stresses that International Financial Reporting Standards (IFRS) need to be gradually put in practice in Iran’s banking system. Mohammad Reza Shojao’ddini told IBENA that applying such standards to financial oversight reporting are essential and significantly contributing to the important issues of transparency and the health of the country’s banking system. Shojao’ddini noted that most of the current issues raised about Iran’s banking system have to do with oversight mechanisms, and if homogeneously applied, the IFRS co...

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In order to protect the interests of banks and credit institutions' depositors and shareholders, and maintain the stability and health of banking system, the Central Bank of Iran has set a number of conditions vis-à-vis banks' financial statements whose fulfillment is necessary for shareholders' annual meetings to become viable. According to CBI's directive, banks and credit institutions are obliged to present their financial statements and their footnotes, based on the International Financial Reporting Standards, to their board members, independent auditors, reg...

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