Regulatory Alerts2020-01-01
Decision of the Board of Directors of the Authority No. 109 of 2020
The Financial Regulatory Authority (FRA) issued Decision No. 109 of 2020 to amend the registration and rotation rules for auditors of microfinance companies, associations, and non-profit institutions. The decision mandates that auditors be appointed annually and limits their continuous service to a maximum of six years, after which they must be replaced by an independent auditor with no professional ties to the predecessor. Furthermore, the replaced auditor is prohibited from being reappointed until three financial years have elapsed following the expiration of the initial six-year term.
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