5‑10 Internal audit and management revie5‑10 Internal audit and management review

5‑10 Internal audit and management review

(1) Subject to subsection (2), internal audits and management reviews must be conducted of the effectiveness of the management practices of the holder of an approved arrangement in ensuring compliance with the matters referred to in subsection 5‑8(1).

Note: An internal audit under this section is not an audit under Part 1 of Chapter 9 of the Act.

(2) A record must be made of the following: (a) each internal audit and management review conducted under subsection (1); (b) the results of each internal audit or management review; (c) each decision (if any) to take action as a result of an internal audit or management review; (d) each action taken as a result of an internal audit or management review.

Note: The holder of the approved arrangement must retain each record made under this subsection for at least 5 years (see section 11‑6).