ADVOKS GLOBAL · KENYA
The Capital Markets (Conduct of Business) (Market Intermediaries) Regulations
42. Appointment of external auditor
Edition: 2022-12-31 · In force
42. Appointment of external auditor
(1)A market intermediary shall appoint an external auditor and issue him with an engagement letter, that sets out his powers and duties, and is signed by both the market intermediary and the external auditor.(2)The market intermediary shall retain a copy of the engagement letter issued under paragraph (1).(3)A market intermediary shall not appoint or remove an auditor except with prior approval of the Authority at least one month prior to such appointment or removal.(4)A person appointed as an auditor under this Regulation shall serve for a maximum period of four consecutive years:Provided that a market intermediary which is a subsidiary, or an associated company of a listed company may be exempted from this requirement for purposes of aligning the term of an auditor in the entire group of companies