Regulatory Alerts2015-12-22
Regulation on Internal Controls and the Functioning of Internal Audit in Microfinance Institutions
The Central Bank of Kosovo (CBK) issued this regulation to establish comprehensive internal control and audit standards for microfinance institutions operating in Kosovo. It mandates that MFIs implement robust internal control systems covering risk assessment, activity controls, information flow, and continuous monitoring, with clearly defined responsibilities for the Board of Directors and senior management. Additionally, the regulation requires each MFI to maintain an independent internal audit function or contracted audit service overseen by an Audit Committee, while specifying reporting obligations, professional competence standards for auditors, and applicable penalties for non-compliance.
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