The Dutch Authority for the Financial Markets has published a review finding that internal audit functions at financial firms are becoming more professional and increasingly provide independent assurance over internal controls, risk management and governance. The assessment covered six large banks, four insurers and five large financial services providers. Audit functions are also expanding their attention to customer interests, organizational culture and emerging risks. Banks and insurers generally have a strong foundation, including alignment with professional standards, organizational independence and ongoing quality assurance. Although financial services providers are not directly required to establish an internal audit function, several have adopted forms of independent review suited to their size, risks and complexity. Where firms establish such a function, the authority expects it to reflect the role and responsibilities of an independent third line. Recommended practices include incorporating customer interests into audit planning, using data analysis and providing an overall assessment of internal controls.
2026-09-16Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets finds internal audit functions increasingly professional across financial firms
The Dutch Authority for the Financial Markets found that internal audit functions are becoming more professional across large banks, insurers and financial services providers. Banks and insurers generally have strong arrangements, while providers are adopting proportionate forms of independent review despite having no direct legal obligation to establish an internal audit function. The authority highlighted customer focused audit planning, data analysis and overall assessments of internal controls as good practices.