Government Notice No. 79 on Regulation on Internal Control and Internal Audit

Tanzania

(enacted in 2005)

Government Notice No. 79 on Regulation on Internal Control and Internal Audit of 2005 provides for an effective system of internal controls for all banks, financial institutions and financial cooperatives societies (FICCOs) in Tanzania.

The goal of these internal controls is to reduce fraud, misappropriations and errors, and to mitigate other risks faced by the regulated entities. The regulations provide:

  • Preliminary Provisions;
  • Statement of Policy Objectives;
  • Establishment of an Internal Control System;
  • Components of the Internal Control System;
  • Internal Control Responsibilities of Directors and Senior Management;
  • Internal Audit; and
  • Sanctions and Risk Control Measures.