cbe

USD
56.9888
58.1286
,
GBP
68.8685
70.2459
,
EUR
61.9126
63.1509
,
CHF
60.2506
61.4556
,
SEK
4.8235
4.92
,
NOK
4.8161
4.9124
,
DKK
7.511
7.6612
,
DJF
,
JPY
0.333
0.3397
,
CAD
37.8309
38.5875
,
SAR
13.7515
14.0265
,
AED
14.0413
14.3221
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
34.3952
35.0831
,
SDR
,
ZAR
,
CNY
7.1453
7.2882
,
KWD
177.2055
180.7496

awash

USD
56.9888
58.1286
,
EUR
61.9126
63.1509
,
GBP
68.8685
70.2459
,
CHF
60.2506
61.4556
,
SAR
13.7515
14.0265
,
AED
14.0413
14.3221
,
CAD
37.8309
38.5875

abyssinia

GBP
68.8685
70.2459
,
CHF
60.2506
61.4556
,
EUR
61.9126
63.1509
,
USD
56.9888
58.1286
,
CAD
37.8309
38.5875
,
AED
14.0413
14.3221
,
SAR
13.7515
14.0265
,
NOK
4.8161
4.9124
,
SEK
5.3298
5.4364

abay

USD
56.5376
57.6684
,
EUR
61.7956
63.0315
,
GBP
72.289
73.7348
,
CHF
64.3716
65.659
,
AUD
37.3657
38.113
,
AED
15.3911
15.6989
,
CNY
7.8594
8.0166
,
DKK
8.2877
8.4535
,
DJF
0.3166
0.3229
,
INR
0.6826
0.6963
,
JPY
0.3821
0.3897
,
KES
0.4082
0.4164
,
NOK
5.3785
5.4861
,
SAR
15.0739
15.3754
,
ZAR
3.0306
3.0912
,
SEK
5.5156
5.6259
,
SDR
78.118
79.6804

zemen

CAD
41.8021
42.6381
,
EUR
61.9126
63.1509
,
GBP
72.1136
73.5559
,
SEK
5.3298
5.4364
,
USD
56.9888
58.1286

buna

nib

GBP
68.8685
70.2459
,
EUR
61.9126
63.1509
,
CHF
60.2506
61.4556
,
USD
56.9888
58.1286
,
CAD
37.8309
38.5875
,
AED
14.0413
14.3221
,
SAR
13.7515
14.0265

berhan

wegagen

USD
56.704
57.8381
,
GBP
68.416
69.7843
,
EURO
61.4501
62.6791
,
CAD
37.8361
38.5928
,
AUD
33.7923
34.4681
,
CHF
59.9428
61.1417
,
SEK
4.8272
4.9237
,
NOK
4.7926
4.8885
,
DKK
7.4566
7.6057
,
DJF
0.2862
0.324
,
INR
0.6803
0.6939
,
KSH
0.4345
0.4432
,
JPY
0.3389
0.3457
,
SAR
13.6809
13.9545
,
AED
13.9722
14.2516
,
ZAR
3.1723
3.2357
,
CNY
7.0934
7.2353
,
KWD
176.0871
179.6088

dgb

USD
56.9757
58.1152
,
GBP
71.5102
72.9404
,
EUR
61.511
62.7412
,
CHF
62.7831
64.0388
,
CAD
41.6855
42.5192

enat

USD
56.8022
57.9382
,
GBP
70.7585
72.1737
,
CHF
62.3446
63.5915
,
SEK
5.1879
5.2917
,
NOK
5.1733
5.2768
,
DKK
8.1014
8.2634
,
KES
0.4271
0.4356
,
JPY
0.3673
0.3746
,
DJF
0.3181
0.3245
,
CAD
41.1312
41.9538
,
AUD
36.4897
37.2195
,
SAR
15.1424
15.4452
,
AED
15.4648
15.7741
,
ZAR
2.9861
3.0458
,
CNY
7.846
8.0029

addis

nbe

dashen

USD
56.9888
58.1286
,
GBP
68.8685
70.2459
,
CHF
60.2506
61.4556
,
SEK
4.8235
4.92
,
NOK
4.8161
4.91242
,
DKK
7.511
7.6612
,
JPY
0.333
0.3397
,
CAD
37.8309
38.5875
,
SAR
13.7515
14.0265
,
AED
14.0413
14.3221
,
EUR
61.9126
63.1509
,
DJF
0
0
,
INR
0
0
,
KES
0
0
,
AUD
34.3952
35.0831
,
ZAR
0
0
,
CNY
7.1453
7.2882
,
KWD
177.2055
180.7496
,
AED

oromia

USD
56.9888
58.1286
,
GBP
68.8685
70.2459
,
EUR
61.9126
63.1509
,
CHF
60.2506
61.4556
,
SAR
13.7515
14.0265
,
AED
14.0413
14.3221

lion

coop

USD
56.9239
58.0624
,
GBP
71.4053
72.8334
,
EUR
61.0167
62.237
,
SAR
15.1761
15.4796
,
AED
15.4967
15.8066

gadaa

USD
56.9586
58.0978
,
GBP
67.8529
69.21
,
EUR
61.1223
62.3447
,
AED
14.0327
14.3134
,
SAR
137438
14.0187
,
CHF
59.8147
61.011

hijra

amhara

USD
56.9888
58.1286
,
GBP
68.8685
70.2459
,
EUR
61.9126
63.1509
,
CAD
37.8309
38.5875
,
AED
14.0413
14.3221
,
SAR
13.7515
14.0265

tsehay

USD
56.9888
58.1286
,
GBP
68.8685
70.2459
,
EUR
61.9126
63.1509
,
CAD
37.8309
38.5875
,
SAR
13.7515
14.0265
,
AED
14.0413
14.3221

tsedey

USD
56.9837
58.1234
,
EUR
61.6735
62.907
,
GBP
68.612
69.9842
,
AED
14.0396
14.3204

Banks Employ External Auditors for up to 2 Successive Period

Banks Employ External Auditors

The National Bank of Ethiopia approved a new directive, effective on February 1, 2023, preventing banks from repointing external auditors for over two successive periods.

All Ethiopian banks must follow the new directive. The new directive states that all banks must choose and appoint an external auditor through a competitive bid process and according to relevant laws. If the bank fails to appoint an external auditor, the National Bank of Ethiopia will appoint an external auditor to the bank.

The Directive of External Auditors Announcement

According to the directive, without a competitive bid, a bank can appoint an external auditor again in the years after the initial appointment. However, it is only allowed for the external auditor to serve for up to three years in a row.

Any external auditor appointed through a competitive bid will serve for two terms, three years, meaning six years in a row. Suppose by any change, for whatever reason, the external audit ordered its engagement on or before the end of the three-year term. In that case, they are eligible to be retired through competitive bid prices three years after the audit engagement was terminated.

The National Bank of Ethiopia believes that auditors having a long relationship with management will open doors to compromise independence and integrity. According to Frezer Ayalew, director of banking supervision at the NBE, the lack of restrictions regarding external auditors permitted banks to use fewer external auditors for many years.

The basic concept of auditing, as defined by financial expert and lecturer at Addis Ababa University, Sewale Abate (Ph.D.), is the significance of this constraint on auditor independence in the factual presentation and appearance of their work.

In his opinion, long-term relationships would jeopardize audits’ objectivity and independence. According to him, auditors with a long history with management are more prone to get involved in situations that jeopardize their independence and integrity.

“When you consider the reality on the ground in our country and the ethics of the professionals, a long-term contract has its repercussions,” he remarked.

The more time auditors spend in an institution, the better they become to know it and function efficiently; yet, this necessitates that the auditor maintains their objectivity and professionalism, according to Sewale. He does not, however, seem optimistic that such honesty will be shown in Ethiopia.

A long-term contract has consequences when you consider the reality on the ground in our nation and the ethics of the professionals, he said.