Internal Auditors Committee

Relationship with the ECB Audit Committee To provide assistance to the Governing Council , the Audit Committee receives the audit reports of D IA and of the Internal Auditors Committee ( IAC ) .

Internal Audit

Internal Audit

Internal audit

Banknotes ( Directorate )

Internal Audit ( Directorate )

( Directorate )

Responsibilities D IA performs audit engagements as specified in the ECB audit plan as approved by the Executive Board .

The Internal Auditors Committee is responsible for audit missions under a mandate from the Governing Council .

Directorate Internal Audit Michèle Caparello Directorate General Information Systems Jim Etherington Deputy Hans Gert Penzel

As endorsed by the Executive Board , the internal audit adheres to the International Standards for the Professional Practice of Internal Auditing established by the Institute of Internal Auditors .

D IA may intervene at the instruction of the Executive Board or on its own initiative .

The Internal Auditors Committee , an ESCB committee established under a mandate from the Governing Council , is composed of the heads of internal audit at the ECB and the NCBs .

The Directorate Internal Audit functions under the direct responsibility of the Executive Board .

3 Furthermore , the Internal Auditors Committee is responsible for audit missions under a mandate from the Governing Council .

D IA immediately informs the Executive Board of any attempt to hinder it in the performance of its duties .

This system included a reinforced internal audit capability .

Moreover , the Directorate Internal Audit , which reports directly to the President of the ECB , continuously performs audit missions under a mandate from the Executive Board .

The Director Internal Audit , within the framework of this Charter , defines the operational principles for the performance of D IA in an Internal Audit Manual .

Moreover , the Audit Committee reports to the Governing Council and gives an opinion on the performance of the ECB 's internal audit function and on the activities of the IAC in compliance with the Eurosystem 's audit policy .

Chairmanship of the ECB Audit Committee

The mandate of the Directorate Internal Audit is defined in the ECB Audit Charter approved by the Executive Board ( last amended 31 July 2007 ) ( pdf 23.9 kB , en ) .

Creation of an ECB Audit Committee

D IA a ) prepares the ECB audit plan using a risk based methodology for approval by the Executive Board

The ESCB audit policy was established by the Governing Council in order to ensure audit coverage for joint projects and joint operational systems at the ESCB level , which is carried out by the Internal Auditors Committee .

Article 7 Information on the closing of the investigation with no further action taken If , following an internal investigation , no case can be made out against an ECB employee or participant in a decision making body against whom allegations have been made , the internal investigation shall be closed , with no further action taken , by decision of the Director of the Office , who shall inform the concerned ECB employee or participant in a decision making body thereof in writing .

(d) Enhancement of the external audit functions of the Fund and expansion of the Fund's internal audit coverage

The role and the obligations of Internal Audit are summarised in the ECB Audit Charter approved by the ECB Executive Board

In the Audit Charter , the Executive Board of the European Central Bank defines the purpose , authority and responsibility of the ECB 's Directorate Internal Audit ( D IA ) and specifies D IA 's contribution to the corporate governance of the ECB .

(a) Revised terms of reference for the Independent Audit Advisory Committee

Furthermore , D IA reviews the Eurosystem 's tasks and activities ( joint components ) in accordance with the ESCB Audit Policy .

Internal Auditors Committee ( IAC ) Michèle Caparello

Application of IIA Standards and Code of Ethics D IA abides by the Institute of Internal Auditors ( IIA ) International Standards for the Professional Practice of Internal Auditing , including the IIA 's Code of Ethics . 3 .

The Anti Fraud Committee , which held three meetings in 2001 , is kept regularly informed by the Directorate Internal Audit with regard to all issues related to the performance of its tasks .

The ESCB audit policy ( pdf 23 kB , en ) was established by the Governing Council in order to ensure audit coverage for joint projects and joint operational systems at the ESCB level . These audits are co ordinated within the Internal Auditors Committee .

See Part 1.2 of the ECB Staff Rules containing the rules on professional conduct and professional secrecy , OJ C 236 , 22.8.2001 , p. 13 and the ECB 's website . 190

(b) Travel expenses related to the newly established Audit Committee

In 2003 the Anti Fraud Committee held one meeting and was regularly informed by the Directorate Internal Audit of all issues related to the performance of its tasks .

The internal audit component of the programme will aim to support the Bank of Russia 's risk based internal audit function , through training by and consultations with the experts of the Eurosystem .

The Directorate Internal Audit performs audit missions under the responsibility of the Executive Board .

All activities , operations and processes of the ECB may be subject to internal auditing .

Independence and objectivity To ensure its independence , D IA functions under the direct responsibility of the Executive Board and reports to the President of the ECB .

2. Takes note with satisfaction of the approval of the United Nations Joint Staff Pension Board of an internal audit charter, which recognizes and incorporates policy changes for the Office of Internal Oversight Services of the Secretariat

2 Furthermore , the Internal Auditors Committee is responsible for audit missions under a mandate from the Governing Council to ensure audit coverage for joint projects and joint operational systems at the ESCB level .