Regulatory Alerts2024-10-01
Circular No. 10/M/18 on the Approval and Exercise of Statutory Auditors for Microfinance Institutions and Financial Bodies
The Banque de la République du Burundi issued Circular No. 10/M/18 to establish the approval criteria, professional qualifications, and operational framework for statutory auditors overseeing microfinance institutions and financial bodies. The circular mandates specific documentary requirements, independence standards, and a maximum two-year renewable term for auditors while outlining clear sanctions and approval suspension procedures for non-compliance. It further details audit scope, reporting deadlines by March 31, financial statement certification standards, and internal control evaluation requirements to ensure regulatory compliance and institutional stability.
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