Regulatory Alerts2025-06-10
Regulation on Audit Committee, 2016
The Central Bank of Somalia mandates all licensed banks, including foreign branches and subsidiaries, to establish an independent Audit Committee comprising at least two qualified board members. The committee must oversee accounting, internal controls, financial reporting, and compliance while directly supervising both internal and external auditors to ensure accurate financial statements and timely corrective actions. It must convene quarterly meetings, assess auditor independence and non-audit services, and publish an annual report detailing its oversight activities and satisfaction with the bank’s financial controls within the official accounts.
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