Subject Title - INSETA

Internal auditors normally audit compliance findings and related processesand report accordingly. If the two (2) functions are conflicted or the lines areblurred, then neither of the functions will be able to operate independentlyand objectively.The primary goal of internal audit is to evaluate the company‟s riskmanagement, internal control and corporate governance processes andensure that they are adequate and are functioning correctly.The internal audit function is normally responsible to and report to the Boardof Directors.Key individuals are responsible for ensuring that there is no conflict ofinterest between the role and functions of compliance officers and otheremployees.9.2.4 Compliance reportsThe FSP is responsible to sign off the compliance report, which has to besubmitted to the Registrar on an annual basis. There are different compliancereports for the different licence categories and the reports also differ betweenFSPs with and those without compliance officers.Compliance report for Category I provider, with a compliance officerKey individuals must be familiar with the content of the report so that theywill have an understanding of what they sign off.In this section we discuss the above compliance report, which is in the formatof questions to be answered, so that a key individual can have a high leveloverview of the content and requirements. 124124 BN 47 of 2009184 © INSETA - Section 1 12a