Regulatory Alerts2015-01-15
Guidelines on Internal Control for Licensed Financial Institutions
The regulator establishes minimum internal control standards for licensed financial institutions, mandating structured risk assessment and independent audit functions. Financial institutions must maintain documented audit charters, ensure direct reporting to the board or audit committee, and implement continuous monitoring alongside clearly defined control activities. The guidelines further specify professional competence requirements, risk-based audit planning, reporting protocols, and strict oversight procedures for any outsourced internal auditing services.
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