Firms should ensure that they have appropriate systems and procedures capable of:

1. developing relevant budgets;
2. monitoring their financial resources position;
3. producing timely and accurate management accounting and financial information; and
4. providing necessary regulatory and statutory financial reports in the format that the jurisdiction requires.

In the case of (i), budgets should be prepared annually and updated where significant changes occur in underlying assumptions. They should include monthly income, expenditure, cash and (if relevant) regulatory capital forecasts. Procedures in respect of the processes adopted for each of (i) to (iv) above should be documented and retained.
 

No applicable guidance.