Regulatory Alerts2022-01-01
Regulation on the Method of Performing Internal Audit Activities of a Factoring Company - Unofficial Consolidated Text (NN No. 12/15 and 142/22)
The Croatian Agency for Financial Services issued this regulation to detail the operational requirements for internal audits within factoring companies, mandating independent and objective assessment of internal controls and risk management. It establishes strict qualifications for auditors, prohibits management members from performing audit duties, and requires the creation of strategic and annual audit plans approved by the supervisory board. The regulation further dictates the content, distribution, and submission deadlines for individual and annual audit reports to ensure regulatory compliance and timely notification of illegal activities or liquidity risks.
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