5
Internal Audit
5.1
- (1) A firm must provide for an effective internal audit function.
- (2) The internal audit function must:
- (a) include an evaluation of the adequacy and effectiveness of the internal control system and other elements of the system of governance; and
- (b) be objective and independent from the operational functions.
- (3) A firm must ensure that any findings and recommendations of the internal audit function are reported to the firm’s governing body which must:
- (a) determine what actions are to be taken with respect to each of the internal audit findings and recommendations; and
- (b) ensure that those actions are carried out.
[Note: Art. 47 of the Solvency II Directive]
- 01/01/2016