A regulated enterprise has undergone an internal audit review conducted by its parent organisations centralized internal audit function whereupon it was found to be deficient in a number of areas of governance and the effectiveness of controls.
The internal audit function has agreed with local management & board of directors a timeframe to which the deficiencies must be redressed.
Management have acted to address those matters identified as requiring attention & reported so to the Board.
The Board of the Company wishes to satisfy itself that management has acted effectively in ensuring compliance with statutory & regulatory requirements and that governance and control standards are satisfactory. In anticipation of a regulatory inspection and a follow up review by the Group internal audit function, the Board has requested a third party review the Company’s corporate policies and procedures, the adherence to those policies and procedures and the effectiveness of those policies and procedures.
“Ireland Financial Services” would conduct the review and report to the Board, Risk Committee or Audit Committee as appropriate, within an established timeframe and on the actions taken as a consequence of the internal audit report and have such actions taken by management been effective.
Additionally, subject to the agreed terms of reference “Ireland Financial Services” can review & report on the regulated enterprises’ compliance with its regulatory & statutory obligations.