The emergence of New Models of governing the enterprises, a subtle shift towards controls and strategic decision making, identification and Assessment of Risk has become one focal point. In recent times, the Risk-based I

The emergence of New Models of governing the enterprises, a subtle shift towards controls and strategic decision making, identification and Assessment of Risk has become one focal point. In recent times, the Risk-based Internal Audit is being viewed by the Banks as an important Tool to assess the management of the Risks that are barriers to the objectives and success of the Banks. Risk-based Internal Audit involves the assessment of the risks' maturity level, expressing opinion on adequacy of the policies and processes established by the management to manage the risks. Risk-based Internal Audit mainly reports on the risk management that includes identification, evaluation, control and monitoring of the risk. A risk- based internal audit mainly focuses on the objectives rather than looking at the controls and transactions. In view of the above, answer the following questions: (a) Explain the eligibility criteria to implement Risk Based Internal Audit (RBIA) of NBFCs, UCBs and HFCs.