Principle (9): Internal Audit of the Bank’s Subsidiaries
No: 43037826
Date(g): 1/12/2021 | Date(h): 26/4/1443
Status: In-Force
Translated Document
75-
In cases where the bank has a subsidiary and has its own independent audit unit and audit committee while ensuring compliance with relevant regulations and instructions—it is preferable to:
75-1
Obtain a seat for the head of the bank’s unit or their delegate in the audit committees of the bank’s subsidiaries to monitor developments and ensure the effectiveness of internal controls within them.
75-2
Conduct limited tests to verify the quality of the subsidiary’s audit unit operations to ensure the soundness of its activities.
76-
In cases where the bank has a subsidiary that does not have an independent audit unit and audit committee while ensuring compliance with relevant regulations and instructions—the following should be done:
76-1
The approved audit policy should define how the audit of such entities will be conducted.
76-2
The unit should report the results of the audit activities of these entities to the audit committee.
