Luanda: The draft Law on the Legal Regime for the Supervision of External Auditing of Public Interest Entities will allow the creation of a robust and more effective supervision system, with a focus on integrity, transparency, and trust in the financial market, the Secretary of State for Finance and Treasury, Ottoniel dos Santos, said on Friday in Luanda.
According to Angola Press News Agency, the Secretary of State presented the proposal during the 8th Ordinary Plenary Meeting of the 4th Legislative Session of the 5th Legislature of the National Assembly. The Bill will ensure high-quality audits and establishes clear rules for the supervision of external audits. It focuses on auditors, individuals, or legal entities legally qualified and residing or established in Angola.
The proposed Law is structured in nine chapters and 46 articles and defines a general framework for conducting audits of entities whose size, economic relevance, and public impact require more stringent standards of control and reliability of financial information.
The Secretary of State emphasized that the decree aligns with the recommendations of the International Organization of Securities Commissions. It reinforces the need for independent supervision of audited entities, ensuring compliance with international quality standards and preventing risks such as fraud and market abuse.
In this context, the Capital Markets Commission is designated as the independent authority responsible for supervising the audit of entities of public interest, without prejudice to the powers of the Order of Accountants and Accounting Experts of Angola.
He also announced that the proposal was submitted to a broad public consultation process, involving banking institutions, the Angolan Regulatory Agency, Insurance Supervision, and the Order of Accountants and Accounting Experts, reinforcing the participatory nature of the legislative process.
