Audit/Inspection. 16.1 The Client warrants to FINCRA that it has or shall upon the coming into effect of this Agreement, engage an independent consultant with the necessary expertise to undertake a systems and compliance audit which shall be conducted on a yearly basis to ensure adequate controls, safeguards, security and effective internal controls to protect the integrity of the information technology and related systems of FINCRA. A copy of the audit report shall be provided to FINCRA immediately upon conclusion of each audit. 16.2 The Client undertakes that the systems audit shall be carried out in accordance with the International Standard on Auditing or such other similar internationally recognized systems auditing standard. 16.3 FINCRA is required by the rules of the applicable Card Schemes to appoint at any time an authorized representative/auditor to conduct a systems and/or compliance audit of the Client (upon reasonable notice) notwithstanding that the Client has confirmed to FINCRA that it has conducted an audit. The Client undertakes to cooperate fully with and grant FINCRA’s representative full access to its operations and relevant documentation for the purpose of conducting the audit. 16.4 The Client shall permit the authorized representatives of FINCRA and/or Card Schemes to carry out physical inspections of the place(s) of business or other facilities of the the Client to verify if the the Client is in compliance with its obligations hereunder. 16.5 If the Client refuses such inspection or provides inaccurate, untrue, or incomplete information, or fails to comply with the terms and conditions of this Agreement, FINCRA reserves the right to suspend access to the Solution or terminate the Services with immediate effect.
Appears in 4 contracts
Samples: Framework Agreement, Framework Agreement, Framework Agreement
