Regulatory Alerts2013-05-05
Proposed Directive on Internal Audit Function in Banks
The Central Bank of Bahrain issued a consultation circular proposing a directive that enhances current regulatory requirements for bank internal audit functions. Aligned with the Basel Committee’s 2012 framework, the directive incorporates twenty supervisory principles and crisis lessons while clarifying audit committee responsibilities. Banks must ensure internal auditors comply with national and international professional standards, prioritize prudential considerations in audit practices, and submit written feedback by 5 May 2013.
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