178. Competent authorities, taking into account the proportionality criteria set out in paragraphs …

Competent authorities, taking into account the proportionality criteria set out in paragraphs 17–21, should assess the independent and effective internal audit function (‘IAF’) set up by the applicant credit institution. Competent authorities should gain a clear view that the IAF, following a risk-based approach, will be able to independently review and provide objective assurance of the compliance of all activities and units of the credit institution, including outsourced activities, with the institution’s policies and procedures and with other external (non-prudential) requirements.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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