Malta Financial Services Authority Act (Cap. 330), article 12B

12B. (1) It shall be the function of the Internal Audit Unit to examine, evaluate and report upon the adequacy and effectivenes s of the governance, internal cont rol and risk management process es of the Authority. To this effect, in addition to any other obje ctives that may be assigned to it by the Board of Governors or the Aud it Committee within the purposes of this article, the Internal Aud it Unit shall determine that: 14 CAP. 330.] MALTA FINANCIAL SERVICES AUTHORITY (a) adequate internal controls are in place and operating effectively an d efficiently; (b) risks are appropriately identified and managed; (c) interaction with the various units of the Authority occurs as needed; (d) financial, managerial and operating information is accurate, reliable, integral and timely; (e) the actions of officers and employees of the Authority are in compliance with the policies and procedures of the Authority, and applicab le laws and regulations; (f) resources are acquired econom ically, used efficiently, and adequately protected; (g) plans and objectives of th e Authority are achieved or are being implemented as planned; (h) quality and continuous improvement are fostered in the control processe s of the Authority; (i) significant regulatory issues impacting on the Authority are recognised and addressed appropriately. (2) The Internal Audit Unit shall be composed of the Director of the Unit, and any number of employees as may be required in order to carry out its functions properly. (3) In carrying out its functions, the Internal Audit Unit shal l, as appropriate, apply internati onal best practice guidance and standards and shall adhere to internationally accepted principl es of ethics for internal auditors. (4) For the better performance of its functions, the Internal Audit Unit may audit all parts of the Authority, and shall have full, complete unrestricted access to any records, files, physical properties, electronic data, and personnel of the Authority rel evant to the performance of an audit. (5) Officers or employees of the Authority shall fully cooperat e with the Internal Audit Unit in the exercise of its functions. (6) The Internal Audit Unit shall report to the Audit Committee on the progress made in its area of competence. Officers and employees of the Authority. Amended by: XIII.1994.17. Substituted by: XVII. 2002.106. Amended by: IV . 2003.16; XIX. 2010.10; XVI. 2017.43; VIII.2019.12. Substituted by: XV .2026.20.