Regulatory Alerts2008-11-28 | Resolución SBS 11699-2008Added
SBS Resolution No. 11699-2008: Internal Audit Regulation
This resolution approves a new Internal Audit Regulation, replacing SBS Resolution No. 1041-99 and other conflicting provisions after December 31, 2008. It applies to financial system companies, insurance companies, and Private Pension Fund Administrators (AFPs), requiring them to establish an independent internal audit unit (UAI) and adhere to new standards for their annual work plans, starting with the 2009 exercise. The regulation also sets minimum requirements for the Head of Internal Audit and mandates prior authorization from the Superintendency for significant subcontracting of internal audit functions.
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