Regulatory Alerts2003-05-24
Sample Manual on Internal Control Activities of the Bank
The Bank of Mongolia issued this sample manual to guide banks in establishing internal control systems and internal audit functions in compliance with national banking laws. The document mandates that banks establish an internal control unit to supervise operations, assess risks, ensure regulatory compliance, and maintain accurate financial reporting. It details the organizational structure, ethical standards, risk management procedures, and inspection methodologies required for effective internal auditing and accountability.
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