cbe

USD
56.3942
57.5221
,
GBP
67.8914
69.2492
,
EUR
60.8775
62.0951
,
CHF
61.138
62.3608
,
SEK
4.9131
5.0114
,
NOK
4.8627
4.96
,
DKK
7.3918
7.5396
,
DJF
0.3158
0.3221
,
JPY
0.3401
0.3469
,
CAD
37.7184
38.4728
,
SAR
13.6076
13.8798
,
AED
13.8932
14.1711
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.4291
34.0977
,
SDR
,
ZAR
,
CNY
7.0975
7.2395
,
KWD
175.0012
178.5012

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
EUR
60.8824
62.1
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662

abay

USD
56.3778
57.5054
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
CHF
63.9422
65.221
,
AUD
36.9556
37.6947
,
AED
15.3493
15.6563
,
CNY
7.8357
7.9924
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
JPY
0.3753
0.3828
,
KES
0.3861
0.3938
,
NOK
5.3799
5.4875
,
SAR
15.0321
15.3327
,
ZAR
2.9646
3.0239
,
SEK
5.4273
5.5358
,
SDR
74.6893
76.1831

zemen

CAD
41.7892
42.625
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
SEK
5.4273
5.5358
,
USD
56.3778
57.5054

buna

nib

GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762

berhan

wegagen

USD
56.1663
57.2896
,
GBP
67.9979
69.3579
,
EURO
60.9124
62.1306
,
CAD
37.9021
38.6601
,
AUD
33.5177
34.1881
,
CHF
60.8664
62.0837
,
SEK
4.8361
4.9328
,
NOK
4.6333
4.726
,
DKK
7.3141
7.4604
,
DJF
0.3128
0.3191
,
INR
0.6693
0.6827
,
KSH
0.3636
0.3709
,
JPY
0.3477
0.3547
,
SAR
13.4673
13.7366
,
AED
13.7552
14.0303
,
ZAR
3.1723
3.2357
,
CNY
7.0448
7.1857
,
KWD
172.7992
176.2552

dgb

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
CHF
63.9422
65.221
,
CAD
41.7892
42.625
,
AUD
36.9556
37.6947
,
SEK
5.4273
5.5358
,
NOK
5.3799
5.4875
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
KSH
0.3861
0.3938
,
JPY
0.3753
0.3828
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563
,
ZAR
2.9646
3.0239
,
CNY
7.8357
7.9924
,
KWD
183.0982
186.7602

enat

addis

nbe

dashen

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
EUR
60.8824
62.1
,
DJF
,
INR
,
KES
,
AUD
33.4448
34.1137
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356
,
AED

oromia

USD
55.4509
56.5599
,
EUR
58.7724
59.9478
,
GBP
64.394
65.6819
,
SAR
13.3775
13.6451
,
CHF
59.3141
60.5004
,
AED
13.662
13.9352

lion

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1

coop

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563

gadaa

USD
56.3677
57.4951
,
GBP
67.9242
69.2827
,
EUR
60.7418
61.9566
,
AED
13.8886
14.1664
,
SAR
13.6016
13.8736
,
CHF
61.1023
62.3243

hijra

EUR
61.5525
62.7836
,
USD
56.0843
57.206
,
GBP
71.5355
72.9662
,
AED
15.2681
15.5735
,
CAD
41.9322
42.7708
,
SAR
14.9478
15.2468

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.