Basel Committee on Banking Supervision

Basel Committee on Banking Supervision The internal audit function in banks June 2012 This publication is available on the BIS website ( ). Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131- 140-5 (print) ISBN 92-9197- 140-5 (online) The internal audit function in banks i Contents Introduction .. 1 Overview of the principles .. 2 A. supervisory expectations relevant to the internal audit function .. 3 1. The internal audit function .. 4 2. Key features of the internal audit function .. 4 3. The internal audit charter .. 7 4. Scope of activity .. 7 5. Corporate governance considerations .. 9 6. Internal audit within a group or holding company structure .. 13 7. Outsourcing of internal audit activities .. 14 B. The relationship of the supervisory authority with the internal audit function .. 14 1. Benefits of enhanced communication between the supervisory authority and the internal audit function.

Principles relating to the supervisory expectations relevant to the internal audit function . Principle 1: An effective internal audit function provides independent assurance to the board ... assessment of a bank’s internal control, risk management and governance and systems .

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  Management, Risks, Committees, Risk management, Supervision, Relating, Banking, Supervisory, Basel, Expectations, Basel committee on banking supervision, Supervisory expectations

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