Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Summary:
Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.
Series:
Working Paper No. 2018/125
Subject:
Auditing Banking External audit Internal audit Internal controls
English
Publication Date:
May 31, 2018
ISBN/ISSN:
9781484357965/1018-5941
Stock No:
WPIEA2018125
Pages:
22
Please address any questions about this title to publications@imf.org