Structure of Internal Audit
The Internal Audit (IA) function of Banque Patronus Limitée is the third line of defence, through a risk-based approach of audit coverage, and provides reasonable and objective assurance on the adequacy of the design and effectiveness of the systems of internal control in mitigating key risks and in improving the effectiveness of risk management, governance processes and systems in a holistic and forward-looking manner.
In order to ensure objectivity & independence of IA function, Head IA functionally reports to Board Audit Committee (BAC). The department do not have line responsibility or authority over any of the operations they examine. This ensures the independence necessary for the IA department to exercise judgement, express opinions and present recommendations in an impartial manner. For the performance of their duties, Internal Audit staff are authorized by the BAC to have unrestricted and complete access of all kinds of Bank’s records, properties and personnel, including senior management for the purpose of fulfilling the roles and responsibilities of the function.The IA department has robust control functions in place with adequate resources and expertise.
The IA function operates as per approved IA Annual Plan including both on-site and desktop (remote) reviews for both branches, and departments and covers thematic reviews.
Elements of Internal Control Process in place consist of the following:
- Control Environment
- Risk Assessment
- Control Activities such as policies, procedures and practices
- Accounting, Information and Communication
- Self-Assessment and Monitoring
The department is headed by an experienced banker with over 19 years of service in the banking sector and has been working in three different banks and had occupied several key positions in several key areas. He holds B.A Honors in Mathematics from University of Delhi, Advanced Honors Diploma in IT and Certificate in Business Administration having over 4 years experiences in the Internal Control functions.
