Regulation (NAP) - Basic Accounting and Auditing Standards for Commercial Banks

Central Bank of S.T.P	NAP PERMANENT APPLICATION STANDARD	CODE
		RD 09

PROPOSER(S) | ENTRY INTO FORCE | ISSUE DATE | DOC. NO. | PAGE | PSBS | 30/12/2011 | 30/12/2011 | 28/ 2011 | 1/1 |

Subject: Basic Accounting and Auditing Standards for Commercial Banks

Whereas, in accordance with paragraph 2 of Article 40 of Law 09/92 of July 28, it is the responsibility of the Central Bank to establish the Accounting standards to be adopted by commercial banks;

Whereas, within the framework of the National Financial System reform, the Chart of Accounts for Financial Institutions (PCIF) was updated to align with current financial market requirements, incorporating international accounting directives;

Whereas there is also an urgent need to standardize existing procedures and regulations regarding the basic accounting and auditing standards for commercial banks;

Accordingly:

The Central Bank, exercising the powers granted by paragraph 2 of Article 40 of Law 9/92 - Financial Institutions Law, approved by the National Assembly on June 17, 1992, and published in the Official Gazette No. 16, determines the following:

Article 1.

1. The accounting of banks shall be governed by the standards of the Chart of Accounts for Financial Institutions (PCIF).

2. Other procedures related to accounting and auditing not described in the Chart of Accounts for Financial Institutions shall comply with the provisions set forth in the Permanent Application Standard (NAP) on Internal Control, Auditing and Accounting.

Article 2. Permanent Application Standard (NAP) 01/2002 “Basic Accounting and Auditing Standards for Commercial Banks” dated January 10 is hereby revoked.

Article 3. This Permanent Application Standard (NAP) shall enter into force in accordance with legal provisions.

Central Bank of São Tomé and Príncipe, December 30, 2011.-

Reviewed	Revocation Details: