Regulatory Alerts2004-10-01
Minimum Internal Audit Standards in Banking Institutions
The Reserve Bank of Zimbabwe mandates minimum internal audit standards for all licensed banking and non-bank financial institutions to strengthen corporate governance and risk management. The guideline requires institutions to establish independent, well-resourced internal audit functions with clear reporting lines to the board and audit committee, supported by qualified staff, formal charters, and risk-based audit plans. It further dictates comprehensive audit scopes covering internal controls, regulatory compliance, fraud detection, and management performance to ensure uniform practice and operational stability.
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