Responsibilities of the Audit Committee in relation to the Internal Audit Function
HC-6.5.53
The audit committee must oversee the bank's internal audit function (see also Paragraph HC-3.2.3).
Added: April 2018HC-6.5.54
The bank's audit committee and the internal audit function must develop and maintain their own tools to assess the quality of the internal audit function.
Added: April 2018HC-6.5.55
The audit committee must ensure that the internal audit function is able to discharge its responsibilities in an independent manner, consistent with Paragraph HC-6.5.8. It must review and approve the audit plan, its scope, and the budget of the internal audit function. It must also review audit reports and ensure that
senior management is taking necessary and timely corrective actions to address control weaknesses, compliance issues with policies, laws and regulations, and other concerns identified and reported by the internal audit function.Added: April 2018
