71. Internal control functions should regularly submit to the management body written reports on …

Internal control functions should regularly submit to the management body written reports on major deficiencies that have been identified. These reports should include, for each new major deficiency identified, the relevant risks involved, an impact assessment, recommendations and corrective measures to be taken. The management body should follow up on the findings of the internal control functions in a timely and effective manner and require adequate remedial actions. A formal follow-up procedure on findings and corrective measures taken should be put in place.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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