The primary role of the Internal Audit Group (IAG) is to assist the Board of Directors and the Audit Committee by providing reasonable assurance, in the form of independent opinion, as to the adequacy, efficiency and effectiveness of the internal control framework of Eurobank.
A direct reporting line to the Audit Committee strengthens the function of the IAG and safeguards its independence. The head of the IAG also has separate meetings with the Audit Committee.
The Internal Audit Group is independent of the Eurobank Holdings units with operational responsibilities. For administrative purposes the IAG reports to the CEO.
International internal auditing standards
The IAG follows a risk-based methodology which examines the existence and adequacy of controls that address specific control objectives.
Risk assessment covers all units, functions, processes and IT systems of Eurobank Holdings and constitutes the basis for the preparation of the audit plan which leads to the execution of the audit assignments.
The outcome of the audit assignments is recorded in the audit reports, which are distributed to the Management, the Audit Committee and the external auditors.
The IAG holds regular meetings with the Senior Management to discuss the audit findings and the progress made in resolving them, and prepares quarterly reports for the Audit Committee.
The IAG staff holds professional qualifications from internationally acknowledged professional bodies, such as:
- The Institute of Chartered Accountants in England and Wales (ICAEW, ACA certification)
- The Association of Chartered Certified Accountants (ACCA)
- The Institute of Internal Auditors (CIA certification)
- The Information Systems Audit and Control Association (CISA certification)
The IAG adopts the international internal auditing standards.