The external assessment of the Internal Audit Office of the National Bank of Georgia assigned to it the highest category - Generally Conforms with the International Professional Practice Framework (IPPF) and the Code of Ethics of the Institute of Internal Auditors (IIA)¹. The external assessment mission consisted of experts from the Central Bank of the Netherlands, recognized professionals of the field.

 

As required by the International Professional Practices Framework for Internal Audit (IPPF) published by the Institute of Internal Auditors (IIA), an external assessment of the quality of the internal audit function is conducted once every five years. The NBG Internal Audit Office, already the second time around, opted for the full-scale external quality assessment by certified experts of the Institute of Internal Auditors, as a way of obtaining the highest level of assurance.

 

The assessment encompassed remote study of specific materials by experts and interviews with parties involved, as well as the visit of the assessment team. Meetings were held with the NBG Management, internal auditors, the Chairman of the Audit Committee and the external auditor. The experts conducted a detailed study and analysis of the work documentation, processes and procedures of the Internal Audit Office. Following the completion of the external assessment by a group of experts, a certificate of quality compliance was issued.

 

The independent external assessment confirmed for the second time the full compliance of the quality of the NBG Internal Audit Office with the requirements of international standards and the Code of Ethics. During their visit, the mission emphasized the significant progress achieved by the internal Audit Office. Following on from that, the Internal Audit Office accepted an offer to organize a joint international seminar as part of the technical cooperation of the Central Bank of the Netherlands. Also, the Internal Audit Office was invited to the Real Time Audit international working group - an important challenge for modern-day internal audit.

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¹The highest grade of the three-grade quality assessment system.