KPMG assessment results: EDB's internal audit outstrips the average level among CIS banks
Almaty, 26 June 2012. Eurasian Development Bank’s (EDB) Internal Audit Service has undergone an external independent assessment for compliance with the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors (IAA) and international best practices.
The assessment was initiated by the Bank’s Council in 2011 because the IIA recommends that assessments should be conducted at least once every five years and the Bank’s Internal Audit Service was set up in 2006.
The assessment was conducted by KPMG, one of the world’s largest auditing firms. In the assessment report KPMG concludes that the work of EDB’s Internal Audit Service complies with the majority of standards and practical recommendations of the IIA and, to a significant extent (by more than 76%), with international best practices. The report states that these indicators places EDB’s Internal Audit Service at a «level which is higher than the average among the banks of the Republic of Kazakhstan, the Russian Federation and the CIS countries.»
Conducting an external assessment of internal audit is an important issue for large Russian corporations which approach the global market and for major Russian and Kazakh banks. It provides the basis for owners to make conclusions as to the professional level of internal audit in companies and the degree of trust to the results of its work.
Additional Information
The Institute of Internal Auditors is an international professional association with the aim to develop the profession of internal auditor and support internal auditors throughout the globe. The institute unites approximately 160,000 professionals in 100 countries. Read more at www.theiia.org
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.