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  • Finance

    • HC-6.5.40

      The internal audit function must periodically review the controls over the bank's finance function using the risk-based approach.

      Added: April 2018

    • HC-6.5.41

      The internal audit function must devote sufficient resources to evaluate the valuation control environment, availability and reliability of information or evidence used in the valuation process and the reliability of estimated fair values. This is achieved through reviewing the independent price verification processes and testing valuations of significant transactions.

      Added: April 2018

    • HC-6.5.42

      The internal audit function must, as a minimum, also include the following aspects in its scope:

      (a) The organisation and mandate of the finance function;
      (b) The adequacy and integrity of underlying financial data and finance systems and processes for completely identifying, capturing, measuring and reporting key data such as profit or loss, valuations of financial instruments and impairment allowances;
      (c) The approval and maintenance of pricing models including verification of the consistency, timeliness, independence and reliability of data sources used in such models;
      (d) Controls in place to prevent and detect trading irregularities; and
      (e) Balance sheet controls including key reconciliations performed and actions taken (e.g. adjustments).
      Added: April 2018