New Requirements for Auditors of Collective Investment Undertakings
Regulation No. 1/2009, of the Securities Market General Auditor (AGMVM) at the Cape Verde Central Bank – “Banco de Cabo Verde” – recently amended and updated the previous Regulation No. 1/2007 covering Auditors of Collective Investment Undertakings. Under the revised version of said Regulation: (i) auditing companies must have a minimum number of 3 (three) auditors, at least one of them a certified auditor; (ii) individual auditors, or one of the shareholders in the case of an auditing company, must have at least five years’ experience as an auditor, the last 3 (three) of which as exclusive practice; and (iii) a minimum turnover is required of 10,000,000$00 Cape Verdean Escudos (approximately € 90,500) and 6,000,000$00 Cape Verdean Escudos (approximately € 55,000), in the case of an auditing company and individual auditor, respectively. The amended Regulation, which also updated certain reporting duties before the AGMVM and conflict interest requirements, entered into force on 27 June 2019.
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