ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
45. Internal audit
Edition: 2022-12-31 · In force
45. Internal audit
(1)Every mortgage refinance company shall—(a)appoint an internal auditor; and(b)develop a written internal audit charter that specifies and enhances the standing of the internal audit purpose, authority and responsibility within the mortgage refinance company.(2)Every internal audit charter shall include—(a)the objectives and scope of the internal audit function;(b)internal audit's role and responsibility for governance, risk management, consulting services, and fraud investigations, among others; and(c)internal auditor's position within the mortgage refinance company, its powers, responsibilities and relations with other control functions.(3)Every mortgage refinance company shall review its audit charter at least once every year.(4)The audit charter shall be approved by the audit committee and subsequently ratified by the board as part of their supervisory role before the start of each financial year.(5)A mortgage refinance company that contravenes this regulation commits is liable to any of the sanctions provided for under regulation 57.