About us

Internal Audit

The Internal Audit Department has the following functions:

• Auditing the Bank's annual accounts and giving its opinion on their reliability, completeness and fair presentation.
• Auditing the information, accounting and data processing systems.
• Auditing the risk control systems and procedures, and the methods used.
• Auditing the control systems and procedures used for safeguarding assets.
• Auditing the systems and procedures used to ensure compliance with applicable laws, rules and regulations.
• Conducting specific audits on the Governor's instructions.

Operations and procedures

The operations and procedures of the Internal Audit Department are as follows:

• To propose three-yearly risk plans which are implemented through annual plans, once authorised by the Governor.
• To plan, conduct and communicate the results of the audits included in the plans. The details of these processes are defined in the Internal Audit Manual.
• To issue reports summarising the results of its activities at least once a year.
• To submit the report on the review of the annual accounts to the Audit Committee, along with the Annual Audit Programme and its implementation.
• To monitor, on a yearly basis, the implementation of the measures agreed regarding any recommendations arising from previous audits.
• To access any information or database deemed necessary in relation with the audits included in the related annual plan.
• Both the Internal Audit Department and its personnel act with objectivity, impartiality and confidentiality. The internal auditors refrain from conducting audits in which they may have a conflict of interest.
• To ensure that its work is of high quality, using the best professional practices and generally accepted standards.
• To interchange information with external auditors when necessary to improve the efficiency of its actions, in co-ordination with Control, Budget and Accounting.