Regulatory Alerts2021-04-15
Added · Updated
Risk-Based Internal Audit Directive No. SBB/76/2020
The National Bank of Ethiopia requires all banks operating in the country to adopt a risk-based internal audit methodology and establish an internal audit function directly responsible to the board with sufficient independence and authority. Banks must develop an internal audit charter, maintain a risk register, and prepare annual risk-based audit plans updated quarterly, while submitting internal audit reports for each quarter within one month of the quarter's end to the Banking Supervision Directorate. The directive mandates that the Board of Directors review internal audit performance at least quarterly, ensures the Chief Internal Auditor meets fit and proper criteria, and requires audit working papers to be kept for at least ten years.