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By Juliette THIEBAUT, Risk Advisory Director, Anthony TREMBLIER, Tax Director Antoine LIÉNARD, Tax Director, Deloitte Luxembourg
Internal audit, the third line of defense,(i) is an integral part of an organization’s internal governance arrangements. All asset management professionals must implement an internal audit function as per the relevant Commission de Surveillance du Secteur Financier’s (CSSF) circulars. This function’s scope includes all the organization’s activities and functions and their associated risks, the effectiveness of their internal control, all matters of prudential interest, and also reflect the developments and innovations provided for and their risks(ii).
As asset management professionals must follow significant...
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