Prudential Regulation Authority Rulebook

6.1

A ring-fenced body must ensure that its audit committee includes a person performing the Chair of Audit Committee function.

6.2

A ring-fenced body must ensure that the person performing the Chair of Audit Committee function does not chair any committee whose functions include oversight of the audit function of any other member of the ring-fenced body’s group, other than a ring-fenced affiliate.

6.3

A ring-fenced body must ensure that:

1. (1) its internal audit function has sufficient resources to perform its role;
2. (2) those resources are at all times identifiable as performing the internal audit function for the ring-fenced body; and
3. (3) its internal audit function supports the ability of the ring-fenced body to comply with 3.1.

6.4

A ring-fenced body must ensure that a person performing the Head of Internal Audit function for the ring-fenced body:

1. (1) is not also a person performing the Head of Internal Audit function or function equivalent to the Head of Internal Audit function (howsoever designated) for any other member of the ring-fenced body’s group or for the group, other than for a ring-fenced affiliate or for the sub-consolidation group; and
2. (2) is able to have direct access to the management body of the ring-fenced body where he or she considers it necessary.