An audit firm that is intended to audit any licensed bank or financial institution operating in Tanzania, it shall make formal application to the Bank to be registered as an approved external auditor in accordance with the provisions of the Banking and Financial Institutions (External Auditors) Regulations, 2014.

Registration with Bank of Tanzania
The following are procedures for application to be registered to audit licensed banks and financial institutions operating in Tanzania, which are mainly governed by the Banking and Financial Institutions (External Auditors) Regulations, 2014: -

• Any audit firm seeking to be approved to become an External Auditor shall submit to the Bank an application letter together with: -
• Details of the structure and organization of the firm, its principal place of business and branches, and in the case of an international audit firm, details of the head office including legal and professional status of the parent firm;
• Particulars and detailed curriculum vitae of partners and senior professional staff demonstrating previous experience in the audit of banks and financial institutions;
• List of major audit assignments that have been performed for the last three years and total fees received for the last year from each audit assignment that was performed;
• Proof whether the firm has at least ten permanent staff with education and experience in accountancy and auditing, and at least four of whom are registered with National Board of Accountants and Auditors of Tanzania;
• Details of any existing relationship either directly or indirectly between the firm or partner and any bank or financial institution;
• Details of any associate firm with whom an agreement for associate in audit is in place; and
• Any other information the Bank may require.

For a list of approved external auditors Please click here