Auditors who hide or fail to submit statutory reports on saccos’ operations, financial condition and regulatory compliance will be permanently banned from auditing the institutions, as the regulator tightens oversight of Kenya’s cooperative sector.
The Sacco Societies Regulatory Authority (Sasra) says in a new circular that some external auditors are either failing to submit the statutory report or filing it beyond the required window of four months after the end of a financial year, in breach of the Sacco Societies Act.
