Eumedion supports new BIS principles on the internal audit function in banks
02-02-2012
Eumedion supports the Basel Committee's initiative to revise the supervisory guidance for assessing the effectiveness of the internal audit function in banks. This is the core of Eumedion's reaction on the Basel Committee's consultative paper 'The internal audit function in banks'.
Although Eumedion believes that the draft principles are of such general nature that they could apply to many industries, not just banking, it believes that the principles do form a sound basis for supervisory guidance. The only prinicple that is missing is a principle that states that the inernal auditor is free to report not only to the management board, but also to the audit and risk committee of the (supervisory) board.