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“Internal audit needs sufficient standing, they must be independent from the other functions, and they require direct access to the board,” concluded Hakkarainen.
Hakkarainen added that internal audit ensures that internal processes and risk management are functioning effectively. But while compliance was important, internal audit should aim at improving their institutions’ governance and business conduct. “Effective internal audits ensure sound governance and reduce operational risks,” he said.
“Supervisors and Internal auditors must work together for mutual benefit,” Henrik Stein, Chairman of ECIIA’s Banking Committee, said in his keynote speech. “Internal auditors should remain independent – including from supervisors.”
Stein stress the importance of independent, value-adding internal audit in order to achieve a safe and sound banking sector. Thierry Thouvenot, ECIIA Vice Chairman, said that further positive co-operation and more open communication across the industry creating a level playing field for banks, more trust in the sector and higher international standards in his closing remarks at the conference.