Regulatory Alerts2014-01-01
Financial Services (External Audit and Related Matters for Insurance Business) Directive, 2014
The Registrar of Financial Institutions issued this 2014 Directive to establish a comprehensive pre-approval and appointment framework for external auditors of licensed insurance companies. It mandates that boards ensure auditor independence, access to data, and partner rotation every five years while requiring auditors to submit reports directly to the Registrar and comply with IFRS and IAASB standards. The Directive further empowers the Registrar to impose monetary penalties up to K500,000 and revoke appointments for non-compliance or inadequate performance.
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