Regulatory Alerts2017-10-10
Appointment, Duties and Responsibilities of Independent Auditors
The Bank of Namibia issued Determination BID-10 to establish comprehensive rules governing the appointment, duties, and oversight of independent audit firms for banking institutions and controlling companies. The regulation mandates that auditors and engagement partners meet strict competence and independence criteria, adhere to maximum tenures of ten and five years respectively, and submit accurate financial returns within three months of year-end. It further assigns audit committees the responsibility to actively monitor auditor independence, evaluate engagement quality and fees, and ensure seamless approval processes for all audit appointments effective from October 2017.
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