Regulatory Alerts2013-08-29
Regulation on the External Audit of Microfinance Institutions
The Central Bank of the Republic of Kosovo has issued a regulation establishing a comprehensive framework for the external auditing of Microfinance Institutions (MFIs) and foreign branches operating in Kosovo. The rule mandates that approved external auditors maintain strict independence, conduct audits under International Standards on Auditing and IFRS, and submit detailed annual reports alongside management letters. It further outlines mandatory quality assurance reviews, re-auditing procedures, and enforcement mechanisms including written warnings and fines ranging from 1,000 to 20,000 euros for regulatory non-compliance.
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