Regulatory Alerts2019-12-27
Regulation on Internal Controls and Internal Audit of Non-Bank Financial Institutions
The Central Bank of the Republic of Kosovo issued this regulation to establish mandatory principles and operational requirements for internal controls and audit functions within Non-Bank Financial Institutions. It mandates that institutions implement comprehensive control systems covering risk assessment, segregation of duties, and reliable information reporting, while assigning clear oversight responsibilities to the Board of Directors and senior management. The regulation further standardizes the independence, scope, and outsourcing of internal audit functions, outlines specific competency requirements for auditors, and defines penalties for non-compliance.
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