Regulatory Alerts2023-08-24
Instruction No. 58/CREPMF/2019 on the Exercise of Statutory Audit by Approved Entities and Listed Companies on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issued Instruction No. 58/2019 to regulate the appointment, approval, and professional conduct of statutory auditors serving approved financial market entities and listed companies in the UMOA region. The directive mandates a formal approval process by the Council, enforces strict mandate rotation limits (maximum three successive terms with a six-year cooling-off period), and establishes detailed reporting obligations, including annual audit reports, interim reviews, and immediate notifications of regulatory breaches or going-concern risks. It further standardizes the required documentation for audit appointments, defines specific compliance duties regarding internal controls and sectoral regulations, and outlines the Council's supervisory relationship with auditing firms.