Regulatory Alerts2018-09-18
Amended Regulations Concerning Audit of Financial Institutions and Publication of Financial Statements (Regulation No. CBL/RSD/008/2017)
The Central Bank of Liberia promulgated these amended regulations to establish a comprehensive framework governing the appointment, approval, and operational independence of external auditors for all licensed financial institutions. The rules mandate that institutions secure prior Central Bank approval for their auditors within fifteen days, enforce strict conflict-of-interest and rotation standards, and require the submission of comprehensive audit reports and management letters within three months after each financial year. Additionally, the regulations enforce quarterly public disclosure of both audited annual accounts and unaudited interim reports through designated newspapers and institutional websites to enhance market discipline and regulatory oversight.