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Internal Audit
The Internal Audit Department is a special structural subdivision the activities of which are an inseparable part of the internal control system. The Internal Audit Department reports to the bank’s Board of Directors. The Internal Audit Department of the bank is independent from other structural subdivisions of the Bank to ensure unbiased and strict internal control.
The activities of the Internal Audit Department include the following key directions:
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Ensuring efficient operation of supervision system in the bank
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Independent assessment of internal control system
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Assessment of the effectiveness of business processes conducted by the management and all subdivisions of the bank
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Conduct compliance audit
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Provision of opinion on the bank’s financial statements and accounting and submission of recommendations to the Board of Directors
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Elaboration and implementation of forms of control in the bank
The Internal Audit Department basically performs the following three types of checks:
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Financial – assessment of the trustworthiness of the bank’s publishable statements
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Operational – assessment of the effectiveness of processes, operations and internal control system
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Compliance with legal acts – assessment of the compliance of the business processes conducted by the bank with the Republic of Armenia laws and internal legal acts
It is the duty of the Internal Audit Department to prepare conclusion on the compliance of the Bank’s effective orders, regulations and procedures with the CBA minimal requirements to internal control in banks and provide it attached to the annual financial statements of the bank. The Internal Audit Department is in close cooperation with the CBA auditors and companies conducting external audit. The Internal Audit Department of the bank is managed by the director of the Department.
Updated 18.02.2019, 16:11