Gold Membership
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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter V: Governance and Oversight Requirements22. Internal audit requirements |
| (1) | A bank, as a minimum, must have the following controls in place: |
| (a) | all affected business units, including a bank’s internal audit function, must have embedded internal procedures in their normal conduct of business to comply with the Corporation’s requirements for the calculation and submission of a bank’s total qualifying deposits and total covered deposits as specified in these regulations; |
| (b) | the internal procedures must allow business units to identify and address data inaccuracies and exceptions quickly and adequately to avoid errors; and |
| (c) | a bank must document its internal procedures and controls for complying with the Corporation’s requirements, and such documentation must— |
| (i) | cover the process a bank uses to collect, process, and compile its SCV records and SCV calculations; and |
| (ii) | identify areas where the bank can improve the effectiveness of its controls. |
| (2) | A bank must, on an ongoing basis, review and keep up to date the documentation referred to in subregulation (1)(c) and submit the documentation to the Corporation upon request. |
| (3) | A bank’s internal audit function must— |
| (a) | continuously monitor and assess the reliability of a bank’s internal controls in terms of the preparation of the bank’s total qualifying deposits and total covered deposits using SCV calculations; and |
| (b) | report on the outcome of its assessment in accordance with paragraph (a) to the Corporation and the Prudential Authority within the last quarter of the bank’s financial year. |
