Regulatory Alerts2018-01-01
Financial Services (Annual Audits of Banks) Directive, 2018
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive requirements for the annual external audits of banking institutions. It mandates that bank boards appoint and rotate external auditors every five years, ensure IFRS compliance, and submit audited financial statements within three months of the fiscal year-end. The Registrar retains authority to approve auditors, impose monetary penalties of up to fifty million Kwacha on non-compliant banks or directors, and disqualify auditors failing to meet statutory standards.
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