Internal Audit Charter - March 2003

Public Internal Audit Charter Version 1.0 Internal Audit 20 March 2003 Public ----------------------------------------------------------------------------------------------------------------------------- This charter describes the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. ----------------------------------------------------------------------------------------------------------------------------- Mission The mission of Internal Audit is to ensure that the Bank’s operations are conducted according to the highest standards by providing an independent, objective assurance function and by advising on best practice. Through a systematic and disciplined approach, Internal Audit helps the Bank accomplish its objectives by evaluating and improving the effectiveness of risk management, control and governance processes. Independence and objectivity To ensure independence, Internal Audit is directly responsible to the General Manager and the Deputy General Manager. In addition, it reports regularly to the Audit Committee appointed by the Board. To maintain objectivity, Internal Audit is not involved in day-to-day control procedures. Instead, each business unit is responsible for its own internal control and efficiency. Scope and responsibilities The scope of internal audit work includes the review of risk ...