About Us

Internal Audit

The Internal Audit activity of the Central Bank of Malta (the Bank) functions under the direct responsibility of the Bank's Board of Directors through the Audit Committee. The mandate of the Internal Audit function is defined both in the Bank's Internal Audit Charter and in the Eurosystem/European System of Central Banks (ESCB) and Single Supervisory Mechanism (SSM)  Audit Charter with regards to its wider European responsibilities. The two Charters are established on the basis of professional, internationally recognised standards, in particular those of the Institute of Internal Auditors (IIA), and are approved by the Bank's Board of Directors and the Governing Council of the European Central Bank (ECB), respectively.

Internal Audit operates as an independent and objective assurance and consulting function designed to add value and improve operations. It helps in the achievement of organisational objectives through a systematic and disciplined approach designed to evaluate and improve the effectiveness of the risk management, control and governance processes, including the efficient use of resources.

Thus, the Internal Auditors provide reasonable assurances to the Bank's management and, through the Internal Auditors Committee, to the ECB decision making bodies including, where relevant, the Supervisory Board, on the adequacy and effectiveness of the Bank's governance as well as the operational, control and monitoring frameworks. Furthermore, through its recommendations, the Bank's Internal Audit activity seeks to protect and enhance organisational value by instigating beneficial change whilst nurturing a risk sensitive culture complemented by a cost conscious and socially aware operational regime.