Responsibilities of the Board of Directors and Senior Management
HC-6.5.45
Islamic bank licensees board of directors must ensure thatsenior management establishes and maintains an adequate, effective and efficient internal control system (see HC-1.2.3(c)) and accordingly, the board must support the internal audit function in discharging its duties effectively.Added: April 2018HC-6.5.46
The board of directors must review at least annually, the effectiveness and efficiency of the internal control system based, in part, on information provided by the internal audit function (see HC-1.2.10).
Added: April 2018HC-6.5.47
The board of directors, its audit committee and
senior management must promote a strong internal control environment supported and assessed by a sound internal audit function.Added: April 2018HC-6.5.48
As part of their oversight responsibilities, the audit committee must review the performance of the internal audit function.
Added: April 2018HC-6.5.49
Every five years, the audit committee must commission an independent external quality assurance review of the internal audit function.
Added: April 2018HC-6.5.50
Senior management must inform the internal audit function of new developments, initiatives, projects, products and operational changes.Added: April 2018HC-6.5.51
Senior management must ensure that all internal audit findings and recommendations are resolved within six months for high risk/critical issues and 12 months for any other issues from the issue date of the subject internal audit report.Added: April 2018HC-6.5.52
Senior management must ensure that the head of internal audit has the necessary resources, financial and otherwise, available to carry out his or her duties commensurate with the annual internal audit plan, scope and budget approved by the audit committee.Added: April 2018
