Internal audit requirement for credit rating agencies: mandates independent half yearly audits and board action on deficiencies. SEBI requires half yearly internal audits of Credit Rating Agencies by practising independent auditors covering all CRA operations, investor grievance redressal and compliance with SEBI Act, rules, regulations and guidelines. Audit reports must set out methodology, deficiencies observed, management responses, a summary of operations including transactions audited and instances of deviations, and comment on adequacy of systems for regulatory compliance and grievance redressal. CRAs must receive reports within two months of the half year end, and the Board must send an Action Taken Report to SEBI within the next two months.
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Internal audit requirement for credit rating agencies: mandates independent half yearly audits and board action on deficiencies.
SEBI requires half yearly internal audits of Credit Rating Agencies by practising independent auditors covering all CRA operations, investor grievance redressal and compliance with SEBI Act, rules, regulations and guidelines. Audit reports must set out methodology, deficiencies observed, management responses, a summary of operations including transactions audited and instances of deviations, and comment on adequacy of systems for regulatory compliance and grievance redressal. CRAs must receive reports within two months of the half year end, and the Board must send an Action Taken Report to SEBI within the next two months.
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