Internal audit standards require independent auditors to report to the audit committee, strengthening MII governance and oversight. Internal audit standards require MIIs to conduct an annual, institution wide internal audit across critical operations, regulatory/compliance/risk functions and other activities by independent audit firm(s); the internal auditor shall report exclusively to the Audit Committee, follow time bound procedures for obtaining HoD comments and include dropped observations with justifications, and appraise the Audit Committee at least semi annually in the absence of management.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Internal audit standards require independent auditors to report to the audit committee, strengthening MII governance and oversight.
Internal audit standards require MIIs to conduct an annual, institution wide internal audit across critical operations, regulatory/compliance/risk functions and other activities by independent audit firm(s); the internal auditor shall report exclusively to the Audit Committee, follow time bound procedures for obtaining HoD comments and include dropped observations with justifications, and appraise the Audit Committee at least semi annually in the absence of management.
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