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  • OM-3.7 OM-3.7 Internal Audit Outsourcing

    • OM-3.7.1

      Because of the critical importance of an effective internal audit function to a licensee's control framework, all proposals to outsource internal audit operations are to be considered material.

      October 07

    • OM-3.7.2

      The CBB will not permit licensees to outsource their internal audit function to the same firm that acts as their external auditor.

      Amended: October 2015
      Amended: January 2011
      October 07

    • OM-3.7.3

      Licensees who have existing outsourcing arrangements in place with their external auditor relating to the provision of internal audit services are required to find suitable alternatives when the existing arrangements terminate or come up for renewal.

      Amended: October 2015
      October 07

    • OM-3.7.4

      In all circumstances, Board and management of licensees must retain responsibility for ensuring that an adequate internal audit programme is implemented, and will be held accountable in this respect by the CBB.

      Amended: January 2011
      October 07