Regulatory Alerts2025-06-10
Regulation on Audited Annual Financial Statements, 2016
The Central Bank of Somalia mandates all licensed banks to prepare, certify, and submit audited annual financial statements in compliance with International Financial Reporting Standards and domestic banking laws. Banks must appoint eligible external auditors, submit certified accounts and audit reports by March 31 for regulatory approval, and publish the finalized statements in the Official Bulletin by April 30. The regulation establishes strict independence criteria for auditors while imposing a direct reporting obligation on them to immediately notify the Central Bank of insolvency risks, regulatory breaches, fraud, and material management conflicts.
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