Launching of Thematic Questionnaire on Independent Audit

The FSC launched its Thematic Questionnaire on Independent Audit (IA-Questionnaire) on 14 October 2021. The IA-Questionnaire targeted 345 financial institutions. The purpose of the IA-Questionnaire is to collect information on the general practice amongst licensees with respect to the IA function and on its effectiveness. The feedback received will allow the FSC to identify areas of improvement for licensees on the IA parameter. The IA-Questionnaire complements the independent audit section of the AML/CFT off-site monitoring questionnaire and the FSC’s on-site compliance inspection programme. The findings of the questionnaire will be used amongst others, towards a better outreach and provide guidance to financial institutions in meeting their independent audit obligations.