CTRL 6.1.1 Objectives of internal controls and assurance framework

An authorised firm must establish and maintain an internal controls and assurance framework to ensure that:

(a) the firm’s business is conducted efficiently;
(b) the firm’s assets are safeguarded;
(c) fraud and other unlawful acts are prevented or detected;
(d) risk is managed effectively;
(e) the firm’s financial records are accurate and complete; and
(f) the preparation of the firm’s financial statements is timely.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)