MIR 2.5.17

A Recognised Body's arrangements for internal and external audit will be an important part of its systems and controls. In assessing the adequacy of these arrangements, the Regulator may have regard to:

(a) the size, composition and terms of reference of any audit committee of the Recognised Body's governing body;
(b) the frequency and scope of external audit;
(c) the provision and scope of internal audit;
(d) the staffing and resources of the Recognised Body's internal audit department;
(e) the internal audit department's access to the Recognised Body's records and other relevant information; and
(f) the position, responsibilities and reporting lines of the internal audit department and its relationship with other departments of the Recognised Body.