Regulatory Alerts2012-08-30
Regulations Concerning Audit of Financial Institutions and Publication of Financial Statements
The Central Bank of Liberia issued these regulations to establish a comprehensive framework for the appointment, independence, and oversight of external auditors across all licensed financial institutions. The rules mandate prior regulatory approval for auditor appointments, enforce a seven-year rotation limit, require audits to cover internal controls and risk management, and obligate institutions to publish audited annual accounts and unaudited quarterly reports in newspapers and online. Non-compliance with these reporting and publication standards triggers daily administrative fines of at least two hundred thousand Liberian dollars and empowers the Central Bank to reject reports, order fresh audits, or disqualify auditors.
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