9
Internal Audit
9.1
This Chapter only applies to a large non-directive insurer and a Swiss general insurer.
- 07/03/2016
9.2
(1) A firm must provide for an effective internal audit function.
(2) The internal audit function must:
(a) include an evaluation of the adequacy and effectiveness of the internal control system and other elements of the system of governance; and
(b) be objective and independent from the operational functions.
(3) A firm must ensure that any findings and recommendations of the internal audit function are reported to the firm’s governing body which must:
(a) determine what actions are to be taken with respect to each of the internal audit findings and recommendations; and
(b) ensure that those actions are carried out.
- 07/03/2016