Basel issues best practice in audit function

The paper, based around 20 principles, addresses wide-ranging issues related to the internal audit functions of banks, the supervisor’s relationship with auditors and the duties of audit committees.

Basel Committee chairman William McDonough said: "I am pleased that the Committee is issuing a sound practice paper in this important area. A strong culture of internal and external audit is the foundation for ensuring the integrity of a bank’s financial statements. Transparency and the investor confidence necessary for the efficient operation of financial markets and rational allocation of capital depend largely on the accuracy of published financial statements."

The paper, available at, was prepared by the Basel Committee’s task force on accounting issues and was formulated after a consultation period subsequent to a preliminary paper published last year.

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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