Regulatory Alerts2024-09-09
Directive 4230/2022-00029[613] on Regulated Institutions Audited by Tier II and III Auditors and Tier III Accreditation Criteria
The National Bank of Rwanda issues Directive 4230/2022-00029[613] to delineate the audit mandates of Tier II firms and Tier III external auditors across regulated institutions. The directive assigns Tier II firms to audit all licensed entities except major banks, insurers, large microfinance institutions, and other specified financial bodies, while reserving Tier III auditors for smaller microfinance cooperatives and Category 2 foreign exchange bureaus. It establishes strict accreditation criteria, including educational degrees, professional certifications, a fit-and-proper test, and a 50,000 Rwandan Franc annual fee, alongside ongoing compliance and capacity development obligations.
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