Assessing the Effectiveness of a Bank's Internal Audit Functions - Basel Committee's Best Practice Recommendations

• By: ComplianceOnline Expert
• Date: March 22, 2012

If audit is to be effective, the internal audit team concerned should appraise the banks’ internal controls, risk management systems and governance mechanisms dispassionately.

This article looks at how banks can assess the effectiveness of their audit functions. It also gives the Basel Committee's recommendations for best practices to be followed.