Regulatory Alerts1992-12-22
COBAC Regulation R-92/02 of 22 December 1992 on the Approval of Statutory Auditors for Credit Institutions
The Central African Banking Commission (COBAC) issued Regulation R-92/02 on 22 December 1992 to mandate prior approval for statutory auditors operating in Central African credit institutions. The regulation establishes a one-month review period for applications submitted by national monetary authorities, grants the Commission President emergency ruling powers, and requires institutions to submit complete audit files directly pending final convention ratification. It further stipulates that existing auditors remain active until their terms expire, mandates dual audits for institutions with balance sheets exceeding 50 billion, and outlines appeal procedures to the BEAC Board of Directors.
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