Regulatory Alerts2019-01-01
External Audit and Related Matters for Microfinance Institutions Directive, 2019
Issued by the Registrar of Financial Institutions under Malawi’s Financial Services Act, this Directive establishes comprehensive external audit requirements for deposit-taking and non-deposit-taking microfinance institutions. It mandates the annual appointment and Registrar approval of qualified external auditors, enforces a five-year rotation rule, and requires the timely submission and public publication of audited financial statements alongside management letters. The Directive further empowers the Registrar to conduct oversight meetings, impose monetary penalties of up to fifty million Kwacha for non-compliance, and disqualify auditors who fail to meet independence or international auditing standards.
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