Regulatory Alerts2023-08-24
Instruction No. 31/2005 on the Exercise of Statutory Audit by Approved Structures and Listed Companies on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) of the UMOA region issues Instruction No. 31/2005 to regulate the appointment, approval, and operational duties of Statutory Auditors for approved financial market structures and listed companies. The Instruction mandates a formal approval procedure requiring detailed documentation, establishes a 45-day objection window for the Council, and defines specific audit missions including internal control reviews, corporate governance assessments, and strict adherence to regional prudential regulations. It further standardizes the certification of year-end financial statements, outlines reporting requirements for reservations or refusals, and grants the Council authority to strike non-compliant auditors from its official register.