Regulatory Alerts2020-01-02
Added · Updated
FMA Minimum Standards for Internal Auditing
The Austrian Financial Market Authority (FMA) issued these Minimum Standards to guide credit and financial institutions on establishing robust internal audit functions compliant with the Austrian Banking Act. The document mandates that internal audit must operate as a permanent, independent, and impartial third line of defense, reporting directly to executive directors while maintaining exclusivity from other control functions. It further specifies requirements for organizational guidelines, staffing adequacy, audit scope, and conditions under which internal auditing tasks may be outsourced or exempted from establishing a separate unit.
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