Regulatory Alerts2022-01-01
Instruction No. 2022-04/IMF Regarding Statutory Auditors of Microfinance Institutions
The Central Bank of Djibouti issued Instruction No. 2022-04/IMF to mandate that microfinance institutions obtain prior regulatory approval for their statutory auditors, who must be registered with the national Order of Chartered Accountants and demonstrate strict independence and professional competence. The directive establishes a two-month review window for the Central Bank, sets a maximum six-year tenure limit per institution, and requires auditors to submit detailed reports on financial statements, internal controls, risk management, and compliance within six months of fiscal year-end. It further obligates auditors to immediately report regulatory breaches or operational threats to the Central Bank and mandates specific documentation, including sworn declarations and detailed curricula vitae, for all approval applications.