Expectation 1: The Committee expects that the external auditor will promote an environment conducive to exercising professional scepticism in the audit of ECL by planning, staffing and managing the audit engagement appropriately.

26. The Committee expects that the external auditor would do, as a minimum, the following:

• ensure the engagement team as a whole has sufficient competence and knowledge of the ECL framework and makes appropriate use of the work of auditor's experts where necessary;

• ensure the engagement team remains independent from the audit client and has sufficient experience to be able to exercise professional scepticism effectively;

• plan and implement an effective audit approach;

• allocate sufficient time and appropriate resources to reflect on and perform effective challenge of management assumptions, judgements and representations; and

• ensure the audit firm has adequate internal quality management processes in place to foster, encourage and support the exercise of professional scepticism by the engagement team throughout the course of the audit.

Expectation 2: The Committee expects that the external auditor will exercise, and provide evidence that they exercised, a high degree of professional scepticism at all stages of the audit of ECL.