Regulatory Alerts2022-08-24
National Bank of Rwanda Directive on Regulated Institutions Audited by Tier II Firms and Tier III External Auditors
The National Bank of Rwanda mandates that specific regulated institutions, including deposit-taking microfinance cooperatives and Category 2 forex bureaus, be audited by Tier III external auditors while reserving larger entities for Tier II audit firms. The directive establishes minimum accreditation criteria for individual Tier III auditors, requiring a relevant bachelor’s degree, professional certification, ICPAR membership, at least two years of experience, and a successful fit-and-proper test. Accredited Tier III auditors must pay an annual fifty thousand Rwandan franc fee, complete mandatory refresher courses every three years, and remain subject to suspension or revocation by the supervisory authority.
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