Regulatory Alerts2019-05-14
Added · Updated
INSTRUCTION N°19 (Modification 1) on the Exercise of Statutory Auditor Functions in Credit Institutions and Microfinance Institutions
The Central Bank of Congo establishes rules for the appointment, mission, governance, and incompatibilities of statutory auditors in credit institutions and microfinance institutions. The regulation mandates that auditors be appointed by the General Assembly based on the supervisory board's proposal, with a three-year renewable term, and requires the supervisory board to evaluate audit quality and approve corrective measures. It defines the auditor's mission to certify financial statements and assess internal controls, risk management, and prudential compliance, while strictly prohibiting non-audit consulting services and imposing a three-year cooling-off period for auditors joining the regulated entities.
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