Regulatory Alerts2023-04-25
Added · Updated
Risk-Based Internal Audit Directive No. MFI/31/2020
The National Bank of Ethiopia mandates that all microfinance institutions operating in Ethiopia adopt a risk-based internal audit methodology and establish an internal audit function directly responsible to the board. The directive requires institutions to develop internal audit and board audit committee charters, maintain risk registers, and ensure the Chief Internal Auditor meets specific experience and competence criteria. Microfinance institutions must submit quarterly internal audit reports to the National Bank within one month of the quarter's end and retain audit working papers for at least ten years. This directive entered into force on September 16, 2020.
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