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APPENDIX "D"
APPENDIX "E"
of some society of accountants or auditors approved as aforesaid, notwithstanding any provision in any other Ordinance regarding the conditions of appointment of Auditors.
Furthermore, unless the Law Officers of Government are of opinion that Auditors may under existing legislation be held liable for the accuracy of the accounts approved by them, we recommend that provision should be made in the Banking Ordinance making them liable for negligence in
the discharge of their duties as Auditors; and that in the case of conviction by a Court of culpable negligence against an Auditor he shall no longer be entitled to work
as an Auditor of a Bank.
22. With regard to (iii), generally speaking, the main purpose for publishing the particulars required under the Banking Ordinance is the protection of depositors by making it encumbent on Banks to disclose as far as possible
the degree of liquidity of their assets. Some of the
smaller Banks at present show in one balance under the item "Balances with other Banks" balances held for them by the leading Banks and those invested in some obscure loan
society. It was generally agreed that any schedule for
the purpose must not give less information than the
existing schedule, except in so far as the items in the
present schedule are confusing or are to-day inapplicable to Banks operating in Palestine.
23. We have, however, revised the form of the annual
Statement of Assets and Liabilities of Banks as shown in
the attached Form. We recommend that this statement should
be submitted by all local Banks to the Registrar of Companies as provided in Section 5(b) of the Banking
Ordinance, 1921. We also recommend that all foreign and
local Banks operating in Palestine should render to the
Treasurer quarterly statements in the attached form for
compilation