Regulatory Alerts2018-03-26
CISCA Circular No. 1: Audit Committees
The Financial Services Board and the Collective Investment Schemes Advisory Committee mandate that managers of collective investment schemes establish efficiently functioning audit committees to assist boards in overseeing internal controls, accounting practices, and auditing processes. The circular outlines specific guidelines requiring committees to comprise at least three members with a majority of non-employees, while granting exemptions to subsidiaries covered by a group-level audit committee. Managers must notify the Registrar of Collective Investment Schemes within thirty days regarding their current committee status or implementation plans and ensure their external auditors receive a copy of the directive.
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