System Audit framework for Mutual Funds / Asset Management Companies (AMCs)

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....Madam, Sub: System Audit framework for Mutual Funds / Asset Management Companies (AMCs) 1. Requirement of system audit for mutual funds was introduced vide SEBI Circular SEBI/IMD/CIR No.9/176988/2009 dated September 16, 2009. 2. Considering the importance of systems audit in technology driven asset management activity and to enhance and standardize the systems audit, revised guidelines in this ....

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....udit on an annual basis by an independent CISA / CISM qualified or equivalent auditor to check compliance of the provisions of this circular. 5. Mutual Funds / AMCs are further advised to take necessary steps to put in place systems for implementation of this circular. The exception report as per Annexure 2 should be placed before the Technology Committee for review. The Technology Committee afte....