Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular 1/2023: Guide to Audit Procedures for Banks Operating in Libya
The Central Bank of Libya mandates that all banks operating in the country strictly adhere to the Guide to Audit Procedures for Banks Operating in Libya. The document establishes the selection mechanism for external auditors, requiring them to hold valid licenses and international certifications, and sets a maximum tenure of two years renewable once. It defines mandatory reporting obligations for auditors, including immediate notification of material violations, financial irregularities, and risks, while outlining the specific oversight responsibilities of bank audit committees.
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