On 02.01.2020, the Austrian Financial Market Supervisory Authority (FMA) issued new minimum standards for internal auditing. With very few exceptions, they affect all Austrian credit and financial institutions. Changes compared to their 15 year old predecessor concern, among others, the communication between the internal auditing and the FMA. The new minimum standards also include several clarifications, such as specifications on the requirements for heads of internal auditing. Minimum standards of the FMA are so called soft-law and as such are not legally binding. Nevertheless they play a very important role in practice.
17. January 2020