Regulatory Alerts2016-01-01
External Auditor Appointment Guidelines for Forex Bureaus and Money Remittance Companies
The Bank of Uganda mandates that Forex Bureaus and Money Remittance Companies appoint external auditors from a prequalified list, subject to prior Central Bank approval and a maximum three-year continuous service term. These auditors must conduct annual financial statement audits, verify quarterly regulatory returns, and report any non-compliance with foreign exchange or anti-money laundering laws. Institutions are required to submit the resulting audit reports and management letters to the Central Bank by March 31 each year, with the regulator retaining authority to reject substandard audits or disqualify non-compliant firms.
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