SMF5 Head of Internal Audit Approval Masterclass
Prepare for FCA Senior Manager approval and lead internal audit with confidence.
Understand the SMF5 regulatory framework, fitness and propriety, accountability, internal audit independence, risk-based assurance and Board reporting.
More than an approval application
The SMF5 role combines regulatory accountability with independent assurance, sound governance and effective communication with the Board and Audit Committee.
Challenges this masterclass addresses
- When SMF5 applies to a regulated firm
- FCA application evidence and fitness and propriety
- Statements of Responsibilities and reasonable steps
- Audit independence and reporting lines
- Risk-based audit planning and remediation oversight
- Regulatory scrutiny and leadership expectations
Who should attend?
Aspiring SMF5 candidates, existing Heads of Internal Audit, Chief Audit Executives, audit managers, compliance and risk professionals, Audit Committee members and regulatory advisers.
Relevant firms: Banks, investment firms, wealth and asset managers, insurers and other regulated organisations where SMF5 requirements apply.
Six capabilities you will develop
Regulatory framework
Understand the scope and applicability of SMF5 under the Senior Managers and Certification Regime.
Approval readiness
Understand Form A, regulatory references, competence evidence and fitness and propriety.
Senior accountability
Explore Statements of Responsibilities, conduct rules, the Duty of Responsibility and reasonable steps.
Audit governance
Apply principles of independence, audit charters, Board oversight and professional standards.
Risk-based assurance
Understand audit universes, risk assessments, annual plans and reporting of material findings.
Regulatory scrutiny
Prepare for questions on competence, audit leadership, governance and firm-specific risks.
Full three-hour agenda
Six focused modules combining regulatory foundations, governance frameworks and practical cases. Select a module to view its topics.
Module 1 · SMF5 Regulatory Framework & Accountability 7:00–7:30 PM · 30 min
- UK financial services regulatory structure and FCA/PRA responsibilities
- SM&CR framework and when the SMF5 function applies
- Enhanced-scope and relevant dual-regulated firms
- SMF5 compared with SMF4, SMF16 and SMF17
- Senior Manager Conduct Rules, reasonable steps and Duty of Responsibility
- Board and Audit Committee oversight
Module 2 · FCA Approval & Fitness and Propriety 7:30–8:05 PM · 35 min
- When approval is required; application process and Form A
- FIT: honesty, integrity, reputation, competence, capability and financial soundness
- Regulatory references, employment history and professional evidence
- Statements of Responsibilities and governance documentation
- Possible information requests, interviews and common application weaknesses
Module 3 · Internal Audit Governance, Independence & Standards 8:05–8:45 PM · 40 min
- IIA Three Lines Model and Global Internal Audit Standards
- Audit charter, mandate, authority and responsibilities
- Functional and administrative reporting arrangements
- Independence, objectivity and conflicts of interest
- Audit Committee oversight, skills, resources and quality assurance
- Coordination with compliance, risk and external audit; outsourcing and co-sourcing
Module 4 · Risk-Based Audit Planning & Regulatory Assurance 8:45–9:15 PM · 30 min
- Audit universe and business-model risk assessment
- Enterprise risk management and annual audit planning
- Financial controls, regulatory compliance and AML assurance
- Operational resilience, cyber risk, outsourcing and third-party risk
- Consumer Duty assurance where applicable
- Audit execution, findings, escalation and remediation tracking
Module 5 · SMF5 Readiness & Practical Case Studies 9:15–9:45 PM · 30 min
- SMF5 approval-readiness checklist and competence evidence
- Regulatory interview preparation and sample questions
- Explaining audit independence and firm-specific risks
- Case study: establishing audit in a regulated investment firm
- Case study: significant control failures and escalation
- Professional judgement and accountability
Module 6 · Live Questions & Answers 9:45–10:00 PM · 15 min
- SMF5 applicability and application preparation
- Qualifications, experience and audit governance
- Audit Committee reporting and risk-based methodology
- Participant questions and practical implementation challenges
Tools and templates introduced
The session will demonstrate illustrative resources for SMF5 preparation and internal audit governance. Downloadable handouts are subject to finalisation.
- SMF5 approval-readiness checklist
- Fitness and propriety self-assessment framework
- Illustrative Statement of Responsibilities
- Internal Audit Charter template
- Risk-based Internal Audit Plan
- Audit Risk Assessment Matrix
- Audit Committee Reporting template
- Sample regulatory interview questions
- Independence and governance checklist
- Regulatory standards reference guide
Musa Shaikh
CIA · CISA · FCMA · CGMA · PMP · LLB · LLM · PhD (Law)
Internal audit, risk, governance and compliance professional with leadership and advisory experience across financial services, investment activities, internal controls, information systems assurance and regulatory compliance.
His work includes risk-based assurance, audit planning, corporate governance, internal control assessments and management reporting across diversified organisations.
Focus: Internal audit leadership, FCA compliance, corporate governance, SOX and internal controls, information systems audit, enterprise risk and financial crime controls.
Complimentary Internal Audit Gap Assessment
Up to five participating firms may be selected for a preliminary review of internal audit governance arrangements, including the audit charter, independence, reporting lines, audit planning and remediation oversight.
Subject to availability, suitability and an agreed scope. Not a regulatory certification or full audit.
Frequently asked questions
Is SMF5 mandatory for every FCA-regulated firm?
Does the webinar guarantee FCA approval?
Must an SMF5 applicant hold the CIA qualification?
Will the course cover the FCA application process?
Does the webinar cover the Global Internal Audit Standards?
When and where is the webinar?
Register for the SMF5 Masterclass
Friday 6 November 2026
7:00–10:00 PM GMT
Live online via Zoom
Complete the form to register your interest. Joining instructions will be sent once your registration has been confirmed by the organiser.
Registration form
Strengthen your SMF5 approval readiness
Practical FCA regulatory insight, internal audit governance and senior leadership preparation.
Regulatory disclaimer: This independent professional education event is not approved, endorsed or sponsored by the FCA or PRA. Attendance does not constitute regulatory approval, certification or confirmation of fitness and propriety. Content is educational, not firm-specific legal or regulatory advice. Requirements vary by firm classification and permissions.