Regulatory Alerts2020-01-01
Decision No. 109 of 2020 of the General Authority for Financial Supervision amending auditor registration and rotation rules for licensed microfinance entities and general auditors
The General Authority for Financial Supervision issued Decision No. 109 of 2020 to amend the registration and rotation rules for auditors registered with the Authority. The decision mandates that auditors for licensed microfinance companies, associations, and non-profit institutions, as well as general auditors, be appointed annually and may serve a maximum of six consecutive years before mandatory rotation. Following this six-year term, auditors must be replaced by an independent professional not previously partnered with them, and the former auditor cannot be reappointed until three financial years have passed.
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