Regulatory Alerts2020-01-02
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 the management body while maintaining exclusivity from other control functions. It further specifies requirements for organizational structure, staffing adequacy, audit planning, and reporting obligations to ensure effective governance and risk management.
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