Loizos Andreas Hajiloizos

For DIFC-regulated entities, a "tick-box" Internal Audit is no longer enough. The DFSA is looking deeper. 🏢🔍 DFSA supervision of Internal Audit functions has noticeably intensified. Regulatory expectations have shifted from mere documentation to a rigorous assessment of your audit function's independence, effectiveness, and true governance integrity. If your Internal Audit is simply going through the motions without providing active oversight, you are at risk of regulatory scrutiny. As highlighted in our latest breakdown, the DFSA is closely focusing on: 🛡️ 𝗗𝗲𝗺𝗼𝗻𝘀𝘁𝗿𝗮𝗯𝗹𝗲 𝗜𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲: Is your audit function structurally objective and free from management bias? 🎯 𝗥𝗶𝘀𝗸-𝗕𝗮𝘀𝗲𝗱 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴: Are your audits strictly aligned with the realities of your specific business model? 📊 𝗗𝗶𝗿𝗲𝗰𝘁 𝗕𝗼𝗮𝗿𝗱 𝗔𝗰𝗰𝗲𝘀𝘀: Is there an unfiltered, direct reporting line to the Board or Audit Committee? ✅ Remediation Tracking: Are identified issues actually being resolved, tracked, and thoroughly documented? ⚖️ Evidence of Challenge: Does your audit function actively challenge management and demonstrate strong governance? Don't wait for a DFSA review to test your Internal Audit's effectiveness. At ASC Group, we provide specialized outsourced and co-sourced Internal Audit solutions tailored to the strict requirements of the DIFC. We ensure your audit function doesn't just meet regulatory expectations, it actively strengthens your corporate governance. 👇 Ensure your Internal Audit is fully DFSA-compliant today. Reach out to our Risk Advisory team: 📧 info@ascglobal.ae 📞 +971 50 328 2772 🌐 ascglobal.ae Alok Kumar Agarwal Anju Agarwal Ankush Goyal (CA,CFE (USA), CSOE) Niten Agarwal . Raj Kumar Agarwal Mayank Singhal Pawan Jain Deepak Maini Priya Juneja Datta Ajit T Nayak Inder P. Singh Tania Kalra Deepak Maini Deepak Kumar #DIFC #DFSA #InternalAudit #RegulatoryCompliance #CorporateGovernance #RiskManagement #UAEBusiness #ASCGroup #FinancialServices #ASCGroupUAE

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Our Advisory Director, Alicia Vella, moderated a session at the conference “From Oversight to Insight – Internal Audit in Financial Services”, organised by the Malta Financial Services Authority (MFSA) in collaboration with the Institute of Internal Auditors – Malta Chapter (IIA Malta). Alicia moderated the session “Emerging Trends of the Internal Audit Role”, exploring how the profession continued to evolve amid increasing regulatory expectations, technological advancement, and a rapidly changing risk landscape. The conference brought together key stakeholders to discuss governance, internal controls, and the future of internal audit within licensed entities, featuring perspectives from both local and European regulatory and professional bodies.

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The evolving #regulatory landscape in #Malta is reshaping expectations for internal audit functions 📊, and the introduction of the new IIA Global Internal Audit Standards marks an important moment for the industry. A well‑structured Quality Assurance and Improvement Programme is becoming a defining indicator of governance maturity. Thank you, Keith Zammit, for sharing practical insights 💡 on how organisations can stay ahead of these developments and demonstrate genuine leadership in #governance quality. #TeamTridentTrust #internalaudit #Maltaregulation

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Whistleblowing plays an important role in promoting ethical governance, accountability and organisational integrity - but what role does Internal Audit play in supporting an effective speak-up culture? The latest IIA SA FATQ: Whistleblowing and Internal Audit explores key questions about whistleblowing, including Internal Audit's role, legal protections available in South Africa, the risks whistleblowers face, and the value of a strong speak-up culture. Strengthen your understanding of this important governance issue and consider how Internal Audit can contribute to an environment where concerns can be raised responsibly and effectively. Read the full FATQ: https://zurl.co/AiBRg #IIASA #InternalAudit #Whistleblowing #EthicalGovernance #Governance #Accountability

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In Malta, the internal audit profession is still relatively young but regulatory expectations are moving quickly.   Under the new IIA Global Internal Audit Standards, Chief Audit Executives are required to establish a Quality Assurance and Improvement Programme (QAIP) that covers all aspects of the internal audit activity, including internal and external assessments and a commitment to continuous improvement.   At the same time, the MFSA Corporate Governance Code expects authorised entities to maintain an effective, independent and objective internal audit function that strengthens the internal control framework and supports sound decision‑making. A robust QAIP is one of the strongest pieces of evidence a Board can present to the MFSA that its internal audit function truly meets this standard, and that its work can be relied upon in an outcomes‑based supervisory environment.   Today, there are no publicly available MFSA or IIA Malta statistics on how many local internal audit functions have completed a full QAIP aligned external assessment which means there is a real opportunity for MFSA‑regulated firms to get ahead of the curve and demonstrate leadership in governance quality.   At Trident Trust we are now supporting Boards, Audit Committees and Heads of Internal Audit to design, implement and independently review QAIPs tailored to MFSA‑regulated entities. If you’d like to explore how a QAIP can strengthen your internal audit function and the reliance your supervisors can place on it, we would be happy to discuss. Albert Cilia / Keith Zammit / Aaron Sammut / Jesmar Ciappara, CFA   #InternalAudit #QAIP #MFSA #Governance #RiskManagement #Malta #IIA

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On 12th February, the Malta Financial Services Authority (MFSA) and IIA-The Institute of Internal Auditors Malta are hosting From Oversight to Insight - a conference dedicated to the vital role internal audit plays in strengthening Malta's financial sector. With keynote speakers from the European Central Bank and ECIIA | European Confederation of Institutes of Internal Auditing, and discussions on AI, technology, and board-level collaboration, it's a must-attend for anyone in the industry. Read more here: https://lnkd.in/e8R5SKGK

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