Regulatory Alerts2022-06-01
Guidance on the Role of Internal Audit Department in Fraud Risk Management
The Bank of Uganda issued this circular to clarify the role of internal audit departments in fraud risk management, specifying that they provide assurance over controls rather than automatically investigating every fraud. Supervised financial institutions must ensure fraud investigations are conducted by suitably qualified personnel, requiring internal audit to self-assess its capacity and engage subject matter experts when material gaps exist. The guidance mandates that these institutions design anti-fraud response plans that clearly delineate internal audit responsibilities, thereby strengthening overall fraud risk management frameworks.
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