The Sacco Societies Regulatory Authority (SASRA) has announced tougher enforcement measures against external auditors and audit firms that fail to submit mandatory statutory reports on time.
SASRA warned that any auditor who has not submitted the statutory report for the 2024 financial year will be removed from its register unless they comply within 30 days. Once removed, an auditor is permanently barred from auditing any regulated Sacco in Kenya.
“Any failure to submit the Statutory Report for any financial period of auditing, and within the prescribed timelines, shall result in a permanent removal from the Annual List of Registered and Approved External Auditors for Regulated SACCO Societies,” the circular stated.
The regulator expressed concern over the growing number of auditors who have yet to file statutory reports for the financial year ending December 2024.
