The internal audit function and external audit are two mandatory requirements applicable to Luxembourg banks.
The former is defined in Circular CSSF 12/552, as amended by Circular CSSF 13/563. Its purpose is to perform a critical assessment of the adequacy and effectiveness of the central administration, internal governance and business and risk management of the credit institution as a whole. The internal audit function assists the Board of Directors and Authorised Management of the credit institution and enables them to better control their activities and the risks related thereto and thus to protect their organisation and reputation.
The external auditor issues an audit opinion on the annual accounts and ensures that internal processes are conform to regulatory provisions. His role is detailed in Circular CSSF 01/27 as amended.
We can assist you in both internal and external audit requirements and related challenges, being your trusted business partner in these areas.
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