Daily Current Affairs Article 12th January 2021: RBI vide circular dated January 7, 2020 has issued Risk Based Internal Audit (RBIA) Framework for Strengthening Governance arrangements of banks.
To bring uniformity in approach followed by the banks, as also to align the expectations on Internal Audit Function with the best practices, banks are advised as under:
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Authority, Stature and Independence: The Head of Internal Audit (HIA) shall be a senior executive of the bank who shall have the ability to exercise independent judgement.
Tenor for appointment of HIA: The HIA shall be appointed for a reasonably long period, preferably for a minimum of three years.
Reporting Line: The HIA shall directly report to either the Audit Committee of the Board (ACB) / MD & CEO or Whole Time Director (WTD).
Staff Rotation: Except for the entities where the internal audit function is a specialised function and managed by career internal auditors, the Board should prescribe a minimum period of service for staff in the Internal Audit function.
The internal audit function shall not be outsourced. However, where required, experts, including former employees, could be hired on contractual basis subject to the ACB being assured that such expertise does not exist within the audit function of the bank.
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