A common platform firm must, where appropriate and proportionate in view of the nature, scale and complexity of its business and the nature and range of investment services and 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 firm and which has the following responsibilities:
to establish, implement and maintain an audit plan to examine and evaluate the adequacy and effectiveness of the firm's systems, internal control mechanisms and arrangements;
to issue recommendations based on the result of work carried out in accordance with (1);
to verify compliance with those recommendations;
to report in relation to internal audit matters in accordance with SYSC 4.3.2 R.
article 8 of the MiFID implementing Directive]