Regulatory Alerts2012-07-05
Added · Updated
BCBS Revised Guidance on Internal Audit Function in Banks
The Hong Kong Monetary Authority issued this letter to inform authorized institutions of the Basel Committee on Banking Supervision's finalized guidance on the internal audit function in banks. The HKMA is revising its Supervisory Policy Manual module IC-2 to align with the new 20 principles while encouraging banks to proactively address any material deficiencies in their internal audit functions. This update incorporates lessons from the recent financial crisis and promotes compliance with international professional standards for internal auditing.
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