Tashkent, Uzbekistan (UzDaily.com) -- The Regulation “On requirements for internal audit of commercial banks”, developed by the Central Bank, has passed state registration.

In the course of developing this regulation, the “Principles of Internal Audit in Banks” of the Basel Committee on Banking Supervision and “International Professional Standards for Internal Auditing” of the Institute of Internal Auditors were studied, as well as the experience of a number of foreign countries, taking into account the specifics of the national banking system.

In order to organize a risk-oriented internal audit in banks, this provision stipulates that the risk profile of the bank, including the state of the risk management system and major risks, should be taken into account in planning and conducting an audit.

Also, employees of the internal audit service are required, in accordance with the principles of independence and objectivity, to avoid conflicts of interest during audits, to identify shortcomings and violations in the bank's activities, as well as to develop proposals to prevent them and improve the efficiency of the bank's activities.

In addition, in accordance with the standards of corporate governance in commercial banks, the functions and responsibilities of the supervisory board, the board and the audit committee of the bank for organizing the activities of the internal audit service as an independent structural unit are established in detail.

The regulation also includes separate norms to ensure effective interaction between the Central Bank and the bank's internal audit service.

This provision comes into force on 8 August 2021.