| Commentary

48 Systems

| Commentary

48 Systems1

A building society:

  1. 48.1

        must have, and ensure that its subsidiary undertakings, if any, have, a fully-documented2 system of control3;

  2. 48.2

        should have an internal audit function4 which may be either in-house or outsourced5 to a third party6;

  3. 48.3

        should establish an audit committee consisting of at least three members who are also non-executive directors7;

  4. 48.4

        must maintain, and submit to the Financial Services Authority (FSA), a board-approved corporate plan8;

  5. 48.5

        on making any significant change to its corporate plan must provide the FSA with a copy of the amended plan as soon as possible after it has

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