The Internal Audit Department is subordinated directly to the Supervisory Board of the Bank, performs according to the plan approved by the Supervisory Board and report to it on the results of the work performed. The findings and recommendations of the Internal Audit Department are being considered by the top management of the Bank and after the corrective measures are being implemented for the elimination of the identified deficiencies.
According to the results of the external independent assessment of the internal audit quality preformed in July 2017 by the external expert Mr. Jean-Pierre Garitte the activity of the Internal Audit function at FUIB is in full compliance with the International Standards for the Professional Practice of Internal Auditing.
- The audit and assessment of the processes that ensure the Bank's activities, including those that carry a potential risk and implementation of which is ensured by engaging legal entities and individuals on a contractual basis (outsourcing).
- The audit assessment of the effectiveness and adequacy of the operation of the systems of risk management, internal control, Bank management processes, compliance of these systems and processes with the types and amounts of operations carried out by the Bank, including for the prevention of the use of the banking system for the legalization of criminal proceeds/financing of terrorism.
- The audit of the process of assessing the adequacy of capital, liquidity level, and means of securing assets taking into account the risks of the Bank.
- The audit of the correctness and reliability of the accounting, information, financial and other reporting issued by the Bank, their completeness and timeliness of submission, including to the National Bank, state authorities and governments, that within the scope of their competence supervise the Bank's activities.
- The independent assessment of the control system implemented by the management of the Bank.
- The organization of the internal audit process in the companies - members of the Banking Group on an unified methodological basis with the Bank, consolidation of the results for the consolidated assessment of the internal control system of the Banking Group.