Which of the following statements is/are correct with reference to the Risk Based Internal Audit (RBIA) Framework?

Answer & Explanation

Option: Both A & B

Explanation:

RBI vide circular dated January 7, 2020 has issued Risk Based Internal Audit (RBIA) Framework for Strengthening Governance arrangements of banks. The Head of Internal Audit (HIA) shall be a senior executive of the bank who shall have the ability to exercise independent judgement. The HIA shall be appointed for a reasonably long period, preferably for a minimum of three years.