Regulatory Alerts2017-06-29
Regulation on Internal Controls and Internal Auditing of Pension Funds
The Central Bank of the Republic of Kosovo issued this regulation to establish mandatory principles for organizing and operating internal controls and audit functions within licensed pension funds. It mandates governing boards and senior managers to implement robust risk assessment, fraud prevention, financial reporting, and control activity frameworks while ensuring an independent internal audit function with clearly defined competencies, direct reporting lines to the Audit Committee, and a formalized audit statute. The regulation applies to the Kosovo Pension Saving Trust and supplementary pension funds, requiring annual reviews of control systems, continuous risk monitoring across all operational levels, and strict compliance with ethical standards to safeguard pension assets.