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Internal Audit System
The Bank has established a strong Internal Audit System (I.A.S.) for the implementation of its business strategy, for the constant monitoring and reacting to risks undertaken, for complying to the regulatory mandates, for the protection of its assets, the special analytical maintenance and safeguarding of its customers’ assets and the assurance of its Shareholders interest. The Board of Directors has the final responsibility in the maintenance, monitoring and evaluation of the adequacy and effective application of the I.A.S. through the Audit Committee.
The I.A.S. is made up of a function of continuously upgraded control mechanisms and detailed guidelines which, on a constant basis, cover all activities and transactions and contribute to the effect and secure operation of the Bank. Within this scope, regular and extraordinary internal Audits have been established
which cover all areas of activity of the Bank and the Group’s subsidiaries, irrespective of hierarchy and without administrative barriers. Special attention has been given to the incorporation of security measures in the financial transactions as well as to the preventive control measures of errors and irregularities.
Internal Audit
Internal Audit is the Bank’s department dedicated to achieving the audit targets set, by implementing audit procedures and schedules and by using suitable methods to carry out audits in line with best international practices which are reflected in the international standards of auditing adopted by international institutes of internal auditors.
The targets, duties and competences of Internal Audit include objectively confirming that the risk management system is adequate and efficient, and that the internal audit system and bank corporate governance systems operate properly. It is also responsible for assessing all manner of risks assumed by the Bank and its subsidiaries and for submitting proposals to optimise existing procedures to ensure that wrong moves and irregularities that could place the Bank’s reputation and interests, those of its shareholders and customers at risk are avoided.
External Regular Audit
Regular audit of quarterly and annual financial statements for the Bank and companies in its Group
The annual General Meeting of Shareholders decides on which recognised independent auditors the task of auditing the financial statements of the Bank and companies in the Group will be awarded to. This decision is taken following a recommendation from the Audit Committee made to the Board of Directors which is based on an assessment of the offers submitted. The relevant external auditors’ reports are submitted to the Bank’s Management team, the Audit Committee and the Board of Directors. The audit report for the annual financial statements of both the Bank and companies in the Group is also submitted to the General Meeting of Shareholders.
Regular annual audit of measures to safeguard customer assets
Complying with the requirements of Act of the Governor of the Bank of Greece No. 2597/2007, the Bank also engages external auditors to evaluate the suitability of the arrangements it has put in place each year to safeguard its customers’ assets. The auditors’ report is submitted to the Board of Directors via the Audit Committee and also the Bank of Greece.
Regular 3-year audit of the Bank and Group’s Internal Audit System
Complying with the requirements of Act of the Governor of the Bank of Greece No. 2597/2007, the Bank also engages external auditors to evaluate the Internal Audit System every three years. The auditors’ report is submitted to the Board of Directors via the Audit Committee and also the Bank of Greece.
