CBB Volume 2: Contents

Central Bank of Bahrain Volume 2—Islamic Banks
Part A
High Level Standards
HC High-Level Controls
HC-6 Management Structure
HC-6.5 Internal Audit
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HC-6.5.42

The internal audit function must, as a minimum, also include the following aspects in its scope:

(a) The organisation and mandate of the finance function;
(b) The adequacy and integrity of underlying financial data and finance systems and processes for completely identifying, capturing, measuring and reporting key data such as profit or loss, valuations of financial instruments and impairment allowances;
(c) The approval and maintenance of pricing models including verification of the consistency, timeliness, independence and reliability of data sources used in such models;
(d) Controls in place to prevent and detect trading irregularities; and
(e) Balance sheet controls including key reconciliations performed and actions taken (e.g. adjustments).
Added: April 2018
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Apr 1 2018 onwards
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