Regulatory Alerts2016-12-13
Guidelines on Internal Control for Licensed Financial Institutions
The regulatory authority issued these guidelines to establish minimum internal control standards for licensed financial institutions, mandating independent audit functions with clear charters and direct reporting lines to the board or audit committee. The document requires institutions to implement continuous risk assessment cycles, maintain professional competence among audit staff, and execute comprehensive audit programmes that cover financial, operational, and compliance controls. It further specifies procedures for audit planning, reporting, follow-up on findings, and the regulatory approval process for outsourcing internal audit functions.
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