cbe

awash

abyssinia

USD
53.8978
54.9758
,
GBP
63.5273
64.7978
,
EUR
58.5007
59.6707
,
AED
13.2815
13.5471
,
NOK
4.694
4.7879
,
SAR
12.9896
13.2494
,
SEK
4.6921
4.7879
,
CAD
35.8711
36.5885

abay

USD
53.9027
54.9808
,
EUR
58.5545
59.7256
,
GBP
66.5267
67.8572
,
CHF
58.8393
60.0161
,
AUD
36.0879
36.8097
,
AED
14.6766
14.9701
,
CNY
7.8307
7.9873
,
DKK
7.8617
8.0189
,
DJF
0.2995
0.3055
,
INR
0.6557
0.6688
,
JPY
0.4061
0.4142
,
KES
0.4071
0.4152
,
NOK
5.1657
5.269
,
SAR
14.3587
14.6459
,
ZAR
2.9836
3.0433
,
SEK
5.1818
5.2854
,
SDR
72.483
73.9327

zemen

CAD
39.7533
40.5484
,
EUR
57.8729
59.0304
,
GBP
65.2913
66.5971
,
SEK
5.081
5.1826
,
USD
53.408
54.4762

buna

nib

berhan

wegagen

USD
53.8009
54.8769
,
GBP
61.5685
62.7999
,
EURO
56.9859
58.1256
,
CAD
35.1957
35.8996
,
AUD
32.0768
32.7183
,
CHF
55.9713
57.0907
,
SEK
4.676
4.7695
,
NOK
4.834
4.9307
,
DKK
7.1135
7.2558
,
DJF
0.2976
0.3035
,
INR
0.6534
0.6665
,
KSH
0.4289
0.4375
,
JPY
0.3771
0.3846
,
SAR
12.909
13.1672
,
AED
13.1884
13.4522
,
ZAR
3.1723
3.2357
,
CNY
7.1867
7.3304
,
KWD
167.5769
170.9284

dgb

USD
53.9027
54.9808
,
GBP
66.5267
67.8572
,
EUR
58.5545
59.7256
,
CHF
58.8393
60.0161
,
CAD
39.7718
40.5672
,
AUD
36.0879
36.8097
,
SEK
5.1818
5.2854
,
NOK
5.1657
5.269
,
DKK
7.8617
8.0189
,
DJF
0.2995
0.3055
,
INR
0.6557
0.6688
,
KSH
0.4071
0.4152
,
JPY
0.4061
0.4142
,
SAR
14.3587
14.6459
,
AED
14.6766
14.9701
,
ZAR
2.9836
3.0433
,
CNY
7.8307
7.9873
,
KWD
175.6959
179.2098

enat

addis

GBP
61.7297
62.9643
,
USD
53.7176
54.792

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
53.9027
54.9808
,
GBP
63.533
64.8037
,
CHF
56.1915
57.3153
,
SEK
4.6895
4.7833
,
NOK
4.675
4.7685
,
DKK
7.1148
7.2571
,
JPY
0.3675
0.3749
,
CAD
35.9935
36.7134
,
SAR
12.9946
13.2545
,
AED
13.2823
13.5479
,
EUR
58.5545
59.7256
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY
,
AED

oromia

USD
53.3285
54.3951
,
EUR
56.7522
57.8872
,
GBP
64.2235
65.508
,
SAR
14.185
14.4687
,
CHF
57.398
58.546
,
AED
14.5198
14.8102

lion

coop

USD
53.8887
54.9665
,
GBP
66.3532
67.6803
,
EUR
58.3453
59.5122
,
SAR
14.3466
14.6335
,
AED
14.6716
14.965

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.