Internal Audit
The in-house audit department is an independent function of the Bank that is accountable directly to the Supervisory Board of Alfa-Bank (Ukraine) and is in charge of approving work plans and reviewing the deliverables of appropriate inspections and monitoring compliance with recommendations of the in-house audit. This ensures independence in conducting audit inspections and evaluating inherent risks by the in-house audit service. The deliverables of in-house audit inspections and their recommendations are subject to review by the Bank’s management for the purpose of further implementation of action plans that target compliance with recommendations of in-house audits.
The Bank’s in-house audits provide independent and unbiased warranties and advice aimed at improving the Bank’s business, helps reach targets set by adhering to systematic and consecutive approaches towards evaluation and boosting efficiency of risk management processes, internal control and the corporate governance system.
The role of in-house audit is about ensuring efficiency of risk management processes, securing a reliable and effective internal controls system, confirming completeness and authenticity of financial and management accounts and the Bank’s compliance with the requirements of currently applicable laws.
Following the deliverables of each particular audit and output of business in each appropriate year, in-house audit submits to the Supervisory Board its independent evaluation of the internal controls system both as stand-alone processes and within the framework of the entire Bank.
next page
Management
