Notice to Circular 61-3 to financial institutions
Summary: Notice to Circular 61-3 to financial institutions of the Bank of the Republic of Haiti — an instrument published alongside circular 61-3 to financial institutions, not the circular itself. Circulars are the operative prudential rules for supervised institutions, covering matters such as capital and liquidity requirements, credit-risk and governance standards, reserve requirements and foreign-exchange rules.
Key Findings
- The requirement being deferred is a dual-audit rule with a size threshold: financial institutions whose total balance sheet, individual or consolidated, exceeds 100 billion gourdes must appoint two independent auditors, at least one of them a firm affiliated with a major international audit group.
- That obligation, in section 2 of Circular 61-3, is deferred to fiscal year 2024-2025.
- The interim arrangement is stated rather than left implicit: the institutions concerned must have their annual financial statements audited by one independent auditor at the close of their fiscal year, and that auditor's mandate ends at the close of fiscal year 2023-2024.
- The threshold is the part worth recording for later use, because it defines which institutions the BRH treats as systemically large enough to need an internationally affiliated auditor.
- The notice is dated 2 March 2023 and signed by the Governor.
How to cite
Bank of the Republic of Haiti (BRH), 2023, Notice to Circular 61-3 to financial institutions, https://www.brh.ht/wp-content/uploads/Avis-Circulaire-61-3.pdf