97. In line with the EBA Guidelines on internal governance, competent authorities should assess whether the institution has established an effective independent internal audit function that:
a. is set up in accordance with national and international professional standards;
b. has its purpose, authority and responsibility defined in a mandate that recognises professional standards and that is approved by the management body;
c. has adequate resources and stature to perform its tasks;
d. has its organisational independence and the internal auditors' objectivity protected, including by an appropriate segregation of duties, having an independent head with sufficient stature and direct access and reporting lines to the management body;
e. assesses the appropriateness of the institution’s governance framework, including whether existing policies and procedures remain adequate and comply with legal and regulatory requirements, with decisions of the management body and with the risk appetite
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