Regulatory Alerts2018-04-27
Financial Services (Annual Audits of Banks) Directive, 2018
Issued by the Registrar of Financial Institutions of Malawi under the Financial Services Act, this directive establishes comprehensive regulatory requirements for the annual audits of banking institutions. It mandates that bank boards ensure annual external auditor appointments subject to Registrar approval, enforce a five-year auditor rotation policy, and maintain a qualified Board Audit Committee to oversee financial reporting and internal controls. The directive further requires the submission of audited financial statements within three months of the financial year-end, grants the Registrar authority to conduct specific audit assignments, and imposes monetary penalties of up to fifty million Kwacha for banks or ten million Kwacha for directors and senior management.