Basel Committee: Framework for Internal Controls Systems in Banking Organisations
CM-B.2.6
The paper (see www.bis.org/publ/bcbs40.pdf) issued in September 1998 presents the first internationally accepted framework for supervisors to use in evaluating the effectiveness of the internal controls over all on and off balance sheet activities of banking organizations.
CM-B.2.7
The paper describes elements that are essential to a sound internal control system, recommends principles that supervisors can apply in evaluating such systems, and discusses the role of bank supervisors and external auditors in this assessment process.
