Regulatory Alerts2010-06-04
Guidelines on Banks’ Audit Committees, Annual Independent External Audit and Publication of Audited Financial Statements
Issued by the Bank of Botswana, these guidelines mandate licensed banks to establish audit committees composed primarily of independent non-executive directors and appoint qualified, independent external auditors on an annual basis. The regulations require strict adherence to International Standards on Auditing, mandatory rotation of lead partners every five years, timely submission and publication of audited financial statements, and direct reporting to both the Bank and shareholders. Furthermore, the guidelines establish structured bilateral and trilateral communication channels between the Bank, bank management, and external auditors to ensure prompt notification of compliance breaches, financial irregularities, and supervisory findings.