Regulatory Alerts2009-07-27
Added · Updated
Determinations on the Appointment, Duties and Responsibilities of Independent Auditors of Banking Institutions
The Bank of Namibia issues Determinations BID-10, effective 24 September 1999, establishing rules for the appointment, duties, and responsibilities of independent auditors of banking institutions. Banking institutions must appoint only fit and proper persons who are registered under the Public Accountants and Auditors’ Act, independent, and professionally competent, subject to the Bank's approval. Independent auditors are required to report on specified regulatory returns, including balance sheets and income statements, within three months of year-end, and must ensure errors in submitted information are revised and highlighted. The determinations define independence by prohibiting material obligations or interests exceeding five percent of capital funds or voting shares, and mandate a formal approval process involving a nominated responsible partner for each audit engagement.
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