Regulatory Alerts2024-09-01
On the Approval and Exercise of the Function of Statutory Auditors in Credit Institutions
The Bank of the Republic of Burundi issued Circular No. 16/2018 to mandate that all credit institutions appoint approved statutory auditors meeting specific experience, independence, and educational criteria. The regulation establishes a maximum two-year term per institution, defines the scope of audit work and reporting obligations to the Central Bank, and outlines procedures for approval withdrawal, suspension, and disciplinary sanctions. Replacing Circular No. 16/08, it took effect upon publication in August 2018 and ensures rigorous oversight of financial statements, risk management, and internal controls across the banking sector.
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