System audit framework for mutual funds requires annual independent IT system audits and exception reporting to regulator. Requires annual systems audits for Mutual Funds/AMCs by independent CISA/CISM qualified or equivalent auditors covering integration of front/back office systems, NAV and fund accounting, financial reporting, unit holder administration, funds flow, regulatory compliance and access rights. Exception reports per Annexure 2 must be reviewed by the Technology Committee and AMC & Trustee Boards and communicated to SEBI within six months of each financial year; audit reports must be available for inspection.
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System audit framework for mutual funds requires annual independent IT system audits and exception reporting to regulator.
Requires annual systems audits for Mutual Funds/AMCs by independent CISA/CISM qualified or equivalent auditors covering integration of front/back office systems, NAV and fund accounting, financial reporting, unit holder administration, funds flow, regulatory compliance and access rights. Exception reports per Annexure 2 must be reviewed by the Technology Committee and AMC & Trustee Boards and communicated to SEBI within six months of each financial year; audit reports must be available for inspection.
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