Regulatory Alerts2007-11-26
Regulation (NAP) - Internal Control, Audit and Accounting
The Central Bank of São Tomé and Príncipe issued this Permanent Application Regulation (NAP) mandating commercial banks to establish sound internal control systems, conduct annual external audits, and maintain accounting standards aligned with international norms. The regulation assigns specific oversight responsibilities to the Board of Directors and Management, requiring robust risk identification, functional segregation, reliable information systems, and continuous internal audit monitoring. It further enforces compliance through defined external audit rotation rules, mandatory financial reporting within 90 days of year-end, and sanctions for non-compliance under existing supervisory frameworks.
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