Approved by Board of the Central bank of the Republic of Uzbekistan of June 4, 1998 No. 405 ( the protocol No. 12/4)

Requirements to internal audit of commercial banks

1. General rules

These requirements are developed according to the Laws of the Republic of Uzbekistan "About banks and banking activity", "About the Central bank", others legislative and the regulations regulating questions of banking and auditor activity.

1.1. The service of internal audit is independent structural division of commercial bank.

1.2. The service of internal audit (further in the text Service of audit) performs audit inspections in all structural divisions and branches (departments) of Head bank, and also Head bank.

1.3. The service of audit in the activities is guided by the Laws, regulations of the Central bank of the Republic of Uzbekistan, and domestic situations and instructions of bank.

1.4. The head of Service of audit is appointed by Council of the bank. The council of the bank regularly hears quarterly reports of the head of Service of audit.

1.5. The number of Service of audit shall be sufficient for effective goal achievement and the solution of tasks of internal audit.

1.6. The service of audit is independent and directly submits to Council of the bank or its Auditing committee. The auditing committee of bank is created by Council of the bank. Members of Auditing committee are appointed from among members of council of bank. Board members or other heads of bank cannot be part of Auditing committee.

1.7. Banks of the Republic of Uzbekistan shall develop and have "Provision on service of internal audit", and also "Procedure and procedures of carrying out internal audit".

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