In accordance with Article 16 of the Act on Financial Undertakings, Group Internal Audit provides the Bank with an independent, impartial assessment of whether the Bank’s risk management, internal monitoring, and governance procedures are satisfactory. The Chief Audit Executive is appointed by the Board and directs Group Internal Audit by Board authorisation. The Chief Audit Executive is responsible for internal audit matters within the Bank and its subsidiaries, including outsourced projects. Group Internal Audit is not responsible for internal Control or its implementation.
As is provided for in the Articles of Association and the Act on Financial Undertakings, the Bank’s external audit firm shall be elected at the AGM for a term of five years. At the 2015 AGM, Ernst & Young ehf. was elected to serve as Íslandsbanki’s independent external auditing firm. Íslandsbanki is now state-owned and at the AGM in April 2016 The Icelandic National Audit Office (Ríkisendurskoðun) was elected to serve as Íslandsbanki’s independent external auditing firm in accordance with Art. 6 of the National Audit Act from 1997.
Last updated 14 June 2016