Section 108, The Banking Act, 2019

(1) A bank or financial holding company shall prepareaudited financial statements in such form and detail in accordance with such accounting standards as shall be prescribed by the Central (2) A bank or financial holding company shall prepare, at the expiration of each financial year, in respect of the business transacted by it with reference to that year audited financial statements on a solo or consolidated basis. (3) A financial statements required to be prepared by a bank or financial holding company under subsection (1) shall be approved by the board of directors of the bank or financial holding company and signed by at least 2 directors of the bank or financial prepare a financial statement in accordance with this section is liable to pay an administrative penalty.