Internal Auditing Department
The Internal Auditing Department is part of the structure of the Bank of Russia Chief Auditor’s Office. The Department’s objectives include the organisation and performance of internal auditing and internal financial auditing in the Bank of Russia.
Based on the outcomes of control and assessment functions and with account of vulnerabilities identified in the Bank of Russia’s business processes, internal control, risk management and corporate governance, the Internal Auditing Department prepares recommendations on how to improve the efficiency of these systems and processes and provides consultations in order ensure the efficient operation of the Bank of Russia as the high-technology mega-regulator of the financial market.
The Internal Auditing Department coordinates the structural units within the Bank of Russia Chief Auditor’s Office across all areas of their activity, and is in charge of the overall organisation of and methodological support for the internal auditing at the Bank of Russia.
The main objectives of the Internal Auditing Department also include the organisation and coordination of the Bank of Russia’s efforts to develop its risk management system and enhance the risk culture in the Bank of Russia in general, as well as communication between the Bank of Russia and the Accounts Chamber of the Russian Federation and the audit company chosen to audit the Bank of Russia’s Annual Financial Statements.
The Internal Auditing Department organises internal auditing in the Bank of Russia in compliance with the principles of objectivity, independence and a risk-based approach, which helps focus on the strategically important areas of the Bank of Russia’s activities exposed to elevated risks.
Other priority areas of the Internal Auditing Department are the elaboration of measures to improve internal auditing in the Bank of Russia and the implementation of measures designed to enhance its quality. The Department develops advanced instruments and methods for internal auditing ensuring its continuity and independence, which also include the implementation of remote auditing in the Bank of Russia.Seeking to provide high-quality recommendations and consultations, and also to build a trust-based partnership with audited units and to receive feedback from them, the Internal Auditing Department acts as an organiser of the annual meeting of the Bank of Russia Chief Auditor’s Office. In the course of the meeting, in an atmosphere of cooperation and direct contact with the audited units and business process owners, the participants discuss the most urgent issues related to the financial market, banking and information technologies, and risk management from the point of view of internal auditing in the Bank of Russia.