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Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations

Author

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  • Elie Chamoun
  • Riaan van Greuning

Abstract

Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.

Suggested Citation

  • Elie Chamoun & Riaan van Greuning, 2018. "Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations," IMF Working Papers 2018/125, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2018/125
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    Cited by:

    1. Mr. Atilla Arda & Martin Gororo & Joanna Grochalska & Mowele Mohlala, 2018. "External Audit Arrangements at Central Banks," IMF Working Papers 2018/199, International Monetary Fund.
    2. Peter J. Baldacchino & Louanna Fiteni & Francis Bugeja & Simon Grima, 2021. "The Evolution of Internal Auditing at a Central Bank: The Maltese Experience," European Research Studies Journal, European Research Studies Journal, vol. 0(2B), pages 628-654.

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