Regulatory Alerts2003-11-12
Regulation No. 04/03 on the Duties of Statutory Auditors in Credit Institutions
Issued by the CEMAC Ministerial Committee on 14 May 2003, Regulation No. 04/03 establishes the statutory duties and operational framework for approved auditors within Central African credit institutions. It mandates that auditors ensure accurate annual and semi-annual financial reporting, verify compliance with internal control and doubtful debt regulations, and promptly alert the COBAC General Secretariat to significant financial, organizational, or legal risks. The regulation further restricts auditors from holding concurrent positions in the same firm or network, extends audit scopes to high-asset institutions, and grants COBAC direct access to audit files while shielding auditors from liability for disclosures made in good faith.
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