On March 21st, the Basel Committee on Banking Supervision published proposed supervisory guidance on external audits of banks. The proposal is intended to enhance and supersede the existing guidance that was published by the Basel Committee in 2002, on the relationship between banking supervisors and banks' external auditors, and in 2008, on external audit quality and banking supervision. The Committee also wrote the IAASB to request enhanced International Standards on Auditing ("ISA") that include more authoritative guidance relating to the audit of banks. The letter itemizes specific areas where the Committee believes the ISAs should be improved. BIS Press Release.