The Internal Audit Directorate is part of the Bank’s governance system. It provides independent and objective audit and consulting services designed to add value and to improve the performance of Bank’s tasks and activities.
The Internal Audit Directorate assists the Bank in accomplishing its objectives by bringing a systematic approach to evaluating and improving the effectiveness of risk management, control and governance processes.
The Internal Audit Directorate has a direct reporting line to and is supervised by the Audit Committee on operational matters, while maintaining an administrative reporting line to the Governor. The Audit Charter of the Internal Audit Directorate of the Bank of Greece defines the purpose, authority and responsibility of the Directorate and its contribution to the Bank’s governance, risk management and internal control. It also specifies the main principles governing the performance of its operations and their evaluation.
The Internal Audit Directorate is a member of the Internal Auditors Committee (IAC) of the Eurosystem /European System of Central Banks (ESCB) and the Single Supervisory Mechanism (SSM) and complies with the Mandatory Guidance of the Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing (IIA IPPF).
The purpose, authority and responsibility of the IAC are defined in the the "IAC Mandate and Audit Charter of the Eurosystem/ESCB and SSM".
Main tasks
- prepares the (annual and three-year) audit plan using a risk-based methodology and submits it to the Audit Committee and the General Council;
- conducts ad hoc audits and provides reasonable assurance of audited operations;
- performs audit engagements or any ad hoc investigations as may be assigned by the Bank’s Audit Committee, Governor or General Council;
- provides consulting services;
- submits periodic reports to the Audit Committee and the Governor;
- assesses any risks and indications of fraud and bribery, thus contributing to fraud prevention;
- monitors and assesses the implementation status of audit recommendations;
- is responsible for auditing, at the local level, Eurosystem-, ESCB- and SSM-related operations.
Divisions
- ESCB Projects Audit Division
- Central Operations Audit Division
- Regional Operations Audit Division
- IT Systems and Data Analysis Audit Division