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FRAMEWORK FOR THE EVALUATION OF INTERNAL …

FRAMEWORKFOR THE EVALUATION OFINTERNAL control SYSTEMSB asle Committee on Banking SupervisionBasleJanuary 1998 Table of objectives and role of the INTERNAL controls framework8 III. The major elements of an INTERNAL control processA. Management oversight and the control culture10 1. Board of directors10 2. Senior management11 3. control culture12B. Risk assessment13C. control activities14D. Information and communication16E. Monitoring18IV. EVALUATION of INTERNAL control systems by and responsibilities of external auditors24 Appendix - Supervisory lessons learned from INTERNAL control25 FRAMEWORK for the EVALUATION of INTERNAL control part of its on-going efforts to address bank supervisory issues and enhancesupervision through guidance that encourages sound risk management practices, the BasleCommittee on Banking Supervision1 is issuing this draft FRAMEWORK for comment by banksupervisors and other interested parties.

Evaluation of Internal Control Systems by Supervisory Authorities Principle 14: Supervisors should require that all banks, regardless of size, have an effective system of internal controls that is consistent with the nature, complexity, and risk of their on- and off-balance-sheet activities and that responds to changes in the

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