http://www.legislation.gov.uk/eur/2013/231/article/62Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)Commission Delegated Regulation (EU) No 231/2013Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0231-20200401texttext/xmlen2025-04-03Expert Participation2025-02-27 CHAPTER III<Strong>OPERATING CONDITIONS FOR AIFMs</Strong>SECTION 6<Emphasis><Strong>Organisational requirements — general principles</Strong></Emphasis><CommentaryRef Ref="key-837666a8efaefe8ce25ed605b6601334"/>...Permanent internal audit functionArticle 621AIFMs shall, where appropriate and proportionate in view of the nature, scale and complexity of their business and the nature and range of collective portfolio management activities undertaken in the course of that business, establish and maintain an internal audit function which is separate and independent from the other functions and activities of the AIFM.2The internal audit function referred to in paragraph 1 shall:aestablish, implement and maintain an audit plan to examine and evaluate the adequacy and effectiveness of the AIFM’s systems, internal control mechanisms and arrangements;bissue recommendations based on the results of work carried out in accordance with point (a);cverify compliance with the recommendations referred to in point (b);dreport internal audit matters.Words in Ch. 3 Section 6 heading omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 29(1) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)