Regulatory Alerts2010-04-10
Instruction No. 002-04-2010 on the Designation of Two Statutory Auditors by Banking Financial Institutions
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 002-04-2010 to require banking financial institutions without public offerings to appoint two principal statutory auditors and two alternates once their total balance sheet reaches twenty billion FCFA over two consecutive years. The instruction stipulates that if the balance sheet subsequently falls below this threshold, institutions may notify the UMOA Banking Commission and elect not to renew one principal auditor and their alternate. Additionally, it mandates that the additional auditors' terms align with the remaining tenure of the existing auditors and requires all appointments to obtain prior approval from the UMOA Banking Commission.
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