(2) From 1 January 2014, a QFC insurer (other than a QFC captive insurer): (a) must have an individual approved to exercise the internal audit function; or (b) must, with the permission of the Regulatory Authority, appoint a firm of auditors as internal auditor under a material outsourcing arrangement to which chapter 5 applies. and are defined in the glossary. Note QFC bank QFC insurer (3) Despite subrules (1) and (2): (a) an authorised firm must appoint an individual to the internal audit function if it is appropriate to do so because of the nature, scale and complexity of the business; and firm’s (b) the Regulatory Authority may direct an authorised firm to appoint an individual to the internal audit function. Nothing in this rule prevents a firm from appointing a Note group employee to the internal audit function.
(2) From 1 January 2014, a QFC insurer (other than a QFC captive insurer): (a) must have an individual approved to exercise the internal audit function; or (b) must, with the permission of the Regulatory Authority, appoint a firm of auditors as internal auditor under a material outsourcing arrangement to which chapter 5 applies. Note QFC bank and QFC insurer are defined in the glossary. (3) Despite subrules (1) and (2): (a) an authorised firm must appoint an individual to the internal audit function if it is appropriate to do so because of the nature, scale and complexity of the firm’s business; and (b) the Regulatory Authority may direct an authorised firm to appoint an individual to the internal audit function. Note Nothing in this rule prevents a firm from appointing a group employee to the internal audit function.