Guidelines on the Functions of Auditing Departments of Financial Undertakings

3.10.2008

The Financial Supervisory Authority (FME) has issued Guidelines no. 3/2008 on the functions of auditing departments of financial undertakings. The Guidelines' objective is to instruct the heads of auditing departments in financial undertakings how to best practice internal auditing. Internal audit is a part of the structure of financial undertakings and is an important element of their supervisory function.

The Guidelines stipulate i.a. how auditing departments are to be structured, how their independence should be ensured, and a definition of their main tasks. The Guidelines furthermore lay down rules for the relationship between the internal auditor and the external auditor on the one hand, and the internal auditor and the FME on the other hand.

The Guidelines take note of standards put forth by the Institute of Internal Auditors (http://www.theiia.org/) and the Basel Committee on Banking Supervision's guidelines, “Internal audit in banks and the supervisor's relationship with auditors” from August 2001 (http://www.bis.org/publ/bcbs84.htm).

The Guidelines are available here (in Icelandic).

For further information please contact Íris Björk Hreinsdóttir, iris@fme.is tel. + 354 525 27 00

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