• Fri. Nov 22nd, 2024

RBI , 2020-21, Notification , Risk-Based Internal Audit (RBIA).

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Feb 3, 2021 #RBI

February 03, 2021

  1. The Chairman / Managing Director / Chief Executive Officer
    All deposit taking Non-Banking Finance Companies (NBFCs)
    All non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above
    All Primary (Urban) Co-operative Banks (UCBs) with asset size of ₹500 crore and above

Madam / Dear Sir,

Risk-Based Internal Audit (RBIA)

  1. 1. An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior management regarding the quality and effectiveness of the entity’s internal control, risk management and governance framework. The essential requirements for a robust internal audit function include, inter alia, sufficient authority, proper stature, independence, adequate resources and professional competence.
  1. 2. The range and commonality of risks faced by Supervised Entities (SEs) would warrant effective and harmonized systems and processes for the internal audit function across the SEs based on certain common guiding principles.

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http://bit.ly/Rbi-Risk-Based-Internal-Audit

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