Regulatory Alerts2024-11-08
Securities (Internal Control Over Financial Reporting) Guidelines 2024
The Securities and Exchange Commission of Zambia has issued the 2024 Guidelines to mandate listed companies and registered securities issuers to establish, evaluate, and report on internal controls over financial reporting. Issuers must utilize the COSO framework to assess control effectiveness, with chief executive officers and chief financial officers required to certify results and disclose any material weaknesses in annual reports. Additionally, independent auditors must issue assurance reports on these controls, replacing the previous 2019 regulatory framework while enforcing a proportionality principle based on entity size and operational risk.
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