CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

PART XIII – INTERNAL AUDIT

46. An audit division headed by the internal auditor shall perform internal audit functions of the Bank which shall comprise–

(a) the establishment and maintenance of proper risk management procedures and practices for the Bank and their implementation on a continuing basis;

(b) the performance of periodic audits of the administration and operations of the Bank to ensure compliance with all laws applicable to the Bank and the implementation of the decisions of the Board;

(c) audit of the periodic financial statements referred to in section 44(3) and related documents of the Bank and, where these have been properly prepared, certification of the fact;

(d) submission to the Board, whenever deemed appropriate and at least once every quarter, reports and recommendations on the accounts and records, the budgetary and accounting procedures, the risk management and other controls of the Bank, the efficiency and cost effectiveness at which the Bank operates, and on any other matter within its competence; and

(e) carrying out any other assignment made by the Board.