Chapter Nine Internal Audit
Article 45
1. The Consumer Microfinance Company must establish an internal audit department reporting directly to the audit committee. The internal audit department shall be independent in performing its duties, and its employees shall not be assigned any other responsibilities. Tasks of this department may be outsourced.
2. The internal audit department manages and assesses the internal control system to ensure the extent to which the company and employees comply with applicable laws, regulations and instructions as well as the Consumer Microfinance Company's policies and procedures, whether outsourced or not. The internal audit department must have full and unlimited access to information and documents.
Article 46
1. The internal audit department in the Consumer Microfinance Company shall operate according to a comprehensive audit plan approved by the audit committee and updated on an annual basis.
2. Major activities and operations, including those related to risk management and compliance, must be audited at least annually.
Article 47
1. The internal audit department must prepare and submit to the audit committee a written report on its work at least semi-annually. This report must include the scope of the audit, all findings and recommendations. It must also include the procedures taken by each department in respect of the findings and recommendations of the previous auditing and any related observations, especially if they have not been settled on time and the reasons for their unsettlement.
2. The internal audit department must prepare and submit to the audit committee a written general report on all audits in a fiscal year, compared with the approved plan and stating any gaps or deviation from the plan, if any. This report shall be submitted within the first quarter following the end of the relevant fiscal year.
Article 48
The Consumer Microfinance Company shall maintain the working documents and audit reports that clearly show the work carried out as well as findings and recommendations and what has been accomplished regarding these recommendations.