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GEN 5.3.13

(1) An Authorised Person must establish and maintain an internal audit function with responsibility for monitoring the appropriateness and effectiveness of its systems and controls.
(2) The internal audit function must be independent from operational and business functions.
(3) An Authorised Firm is not required to have an internal audit function if the only Financial Service it carries on is Managing a Venture Capital Fund.

 

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
[Amended] DFSA RM278/2020 (Made 28th October 2020) [VER49/11-20].