Regulatory Alerts2017-10-31
Added · Updated
Revision of Supervisory Policy Manual Module IC-2 Internal Audit Function
The Hong Kong Monetary Authority issued a revision to Supervisory Policy Manual Module IC-2 regarding the internal audit function for all authorized institutions. This update aligns domestic regulatory expectations with the Basel Committee on Banking Supervision's revised guidance on internal audit functions in banks. The document establishes updated standards and expectations for the independence, scope, and effectiveness of internal audit activities within regulated entities.
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