Professional Competence and Due Professional Care
HC-6.5.13
The head of internal audit must have the responsibility for acquiring human resources with sufficient qualifications and skills to effectively deliver on the mandate for professional competence and to audit to the required level. He/she must continually assess and monitor the skills necessary to do so. The skills required for senior internal auditors must include the abilities to judge outcomes and make an impact at the highest level of the organisation.
Added: April 2018HC-6.5.14
For purposes of Paragraph HC-6.5.13, professional competence depends on the auditor's capacity to collect and understand information, to examine and evaluate audit evidence and to communicate with the stakeholders of the internal audit function.
Added: April 2018HC-6.5.15
The head of internal audit must ensure that internal audit staff acquire appropriate ongoing training in order to meet the growing technical complexity of the
Conventional Bank licensee's activities and the increasing diversity of tasks that need to be undertaken as a result of the introduction of new products and processes within theConventional Bank licensee and other developments in the financial sector.Added: April 2018HC-6.5.16
The internal audit function collectively must be competent to examine all areas in which the bank operates. When internal audit is outsourced, the head of internal audit/coordinator must ensure that the use of those experts does not compromise the independence and objectivity of the internal audit function.
Added: April 2018HC-6.5.17
For purposes of Paragraph HC-6.5.16, the coordinator must be an approved person within the
Conventional Bank licensee .Added: April 2018HC-6.5.18
The head of internal audit/coordinator should ensure that, whenever practical, the relevant knowledge input from an expert is assimilated into the organisation. This may be possible by having one or more members of the bank's internal audit staff participate in the external expert's work.
Added: April 2018HC-6.5.19
Internal auditors must apply the care and skills expected of a reasonably prudent and competent professional. Due professional care does not imply infallibility; however, internal auditors having limited competence and experience in a particular area must be appropriately supervised by more experienced internal auditors.
Added: April 2018
