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Internal Audit Guidelines 2021, Industry Consultation

Published: Thursday December 16th, 2021

The Central Bank of The Bahamas is pleased to release, for a 60 day consultation period, its Draft Internal Audit Guidelines that propose supervisory guidance for assessing the effectiveness of the Internal Audit function in Supervised Financial Institutions (“SFIs”). Moreover, the Guidelines form part of the Central Bank’s ongoing efforts to address supervisory issues and enhance supervision through guidance that encourages sound practice within its SFIs.

The Central Bank endorses the Basel Committee’s paper entitled The Internal Audit Function in Banks issued in June 2012. A strong internal control framework including an independent, effective internal audit function is part of sound corporate governance. Further, an effective internal audit function provides vital assurance to a SFI’s Board of Directors, senior management and the Central Bank as to the quality of the SFI’s internal control system.

The document may be accessed on the Central Bank’s website at, on the main page under Press Releases or in the Bank Supervision area of the website under: Core Functions → Bank Supervision Department → Consultation Documents.


The consultation period will end on 11 February, 2022. Comments and questions regarding the proposed changes should be directed to the following:


Policy Unit

Bank Supervision Department

Email: [email protected]


16 December, 2021