Regulation No. 18/2015/BCC/DSBR on the Approval of Statutory Auditors

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REGULATION No. 18/2015/BCC/DSBR

RELATING TO THE APPROVAL OF STATUTORY AUDITORS, IN APPLICATION OF LAW No. 13-003/AU.

Having regard to the Statutes of the Central Bank of the Comoros;

Having regard to Law No. 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comores in the control of banks and financial establishments, credit, and foreign exchange;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions, specifically Articles 37 to 44 and 103;

Having regard to the OHADA Uniform Act relating to the law of cooperative societies dated December 15, 2010, specifically Article 121;

Having regard to the OHADA Uniform Act relating to the law of commercial companies and economic interest groups dated April 17, 1997, in its provisions on Statutory Auditors;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the rules relating to the approval of statutory auditors defined in Article 37 of Law No. 13-003/AU.

Article 1:

Approved Statutory Auditors practicing in a financial institution, as well as their alternates, must comply with the provisions set out in the OHADA Uniform Acts relating to Statutory Auditors and must be approved by the Central Bank.

Article 2:

The application for approval must be submitted by the financial institution in accordance with the annex attached to this Regulation, no later than three months before the Statutory Auditors take office.

In the event of contract renewal, this period must be a minimum of three months before the date of the annual accounts closing of the financial institution.

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Place de France. BP 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km

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This application must be accompanied by the draft contract between the Statutory Auditors and the financial institution.

Article 3:

The tasks related to the certification of annual accounts and the controls incumbent upon Statutory Auditors must be carried out in conformity with the laws and regulations in force and the standards commonly accepted in the profession.

Statutory Auditors of decentralized financial institution networks must provide, in their certification and control program, to perform tasks in all affiliated local caisses.

Article 4:

Approved Statutory Auditors are required to transmit to the Central Bank each year their letter of engagement, indicating in particular the duration of their mission and the composition of their team. They must communicate to the Central Bank any changes occurring in the composition of the team.

Approved Statutory Auditors are required, within a maximum of fifteen (15) working days after the end of their mission, to present to the Central Bank the main conclusions of their intervention and to transmit a copy of their final report, drafted in French.

For Financial Institutions constituted as a Union, the Statutory Auditors' report must contain the consolidated financial statements of the network.

Article 5:

Any dismissal procedure, or any other serious dispute between a financial institution and its Statutory Auditors, must be brought to the knowledge of the Central Bank, at the initiative of either the corporate bodies or the Statutory Auditors or, where applicable, by the audit committee or the internal control manager.

Article 6

The provisions of this Regulation shall enter into force as of its date of signature.

Moroni, November 30, 2015

[Signature]

Mzé Abdou Mohamed Chanfiou

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Place de France. BP 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km