Greater expectations on the internal audit function - new regulatory guidance for banks

China boardroom update - Issue 10, November 2009

The Hong Kong Monetary Authority (HKMA) recently released a detailed paper on regulatory expectations with respect to Internal Audit [Supervisory Policy Manual – Module IC-2] (the Guidance), which has been developed with reference to international standards set by the Basel Committee as well as the HKMA's own supervisory experiences and practices. This Guidance, while intended primarily for banks in Hong Kong, can also serve as a useful guide to banks in mainland China and elsewhere on current leading practices in this area and of regulators' expectations.

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