Regulatory Alerts1999-11-17
Implementation of BID-10 (Independent Auditor)
The Bank of Namibia issued this circular to implement BID-10 determinations governing the appointment, duties, and reporting obligations of independent auditors for banking institutions. It clarifies that existing auditor tenures extend until the next annual general meeting and establishes a preliminary approval process requiring banking institutions to submit completed application forms prior to formal appointment. Furthermore, the circular mandates that independent auditors submit management letters and related banking business reports to the central bank within three months following each financial year-end.
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