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External assessment of
the effectiveness and quality
of the internal audit function

An external assessment of the efficiency and quality of the bank’s internal audit unit is conducted every five years by the Standards of the Institute of Internal Auditors (IIA) and the Code of Ethics and the requirements of NBU Resolution No. 311 dated 10.05.2016 “On Approval of the Regulation on the Organization of Internal Audit in Ukrainian Banks”.

The purpose of the independent external assessment of the internal audit function’s compliance with the Institute of Internal Auditors’ International Professional Practices Framework (IPPF), Internal Audit Standards and Code of Ethics is as follows:

  • To assess the effectiveness and efficiency of the internal audit function in achieving the goals and mission set out in the Charter or Regulations.
  • Assess the internal audit compliance with the Institute of Internal Auditors Standards and the Code of Ethics.
  • Conduct a detailed analysis of internal regulations, including the methodology, methods and tools used by internal auditors in their activities, audit space (planning cycle), reporting to key stakeholders, management and control of the audit engagement, independence by the organizational structure, the process of ensuring the quality of audit reports, implementation of the quality control program and continuous professional development, etc.
  • Analyze the quality of audit reports based on selected audit engagements and assess the application of internal audit methodology, quality of working papers and quality of recommendations.
  • Conduct interviews with selected key stakeholders (members of the Supervisory Board, members of the Management Board, heads of line departments) and determine whether the internal audit meets management's expectations.
  • Identify critical issues to formulate recommendations.
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