The Basel Committee on Banking Supervision has published supervisory guidance on external audits of banks. The document enhances and supersedes the previous committee guidance published in 2002 on the relationship between banking supervisors and bank's external auditors. The guidance sets out the Committee's guidelines regarding, an audit committee's responsibilities in overseeing the external audit function and the prudential supervisors engagement with the external auditor of banks. It also sets out the Committee's expectations and recommendations relevant to external audits of bank as banking supervisors believe they will enhance the quality of these audits. While the previous documents provided guidance on how the relationship between bank auditors and supervisors could be strengthened to mutual advantage, the new guidance focuses primarily on factors that contribute to enhancing audit quality at banks.