The National Bank of Ukraine (NBU) reported that independent experts from the Bank of England completed an external assessment of the NBU’s internal audit function and confirmed its conformity with the International Standards for Internal Auditing, awarding the highest available rating of “generally conforms”. The review followed Institute of Internal Auditors criteria and combined an NBU self-assessment with subsequent verification by the Bank of England experts. It covered the last two years of the Internal Audit Department’s operations and examined audit methodology, risk-based planning, audit approaches, preparation of conclusions, communication and reporting of results, and monitoring of recommendations, alongside interviews with Audit Committee and management representatives and Internal Audit staff. The external experts identified no deviations or deficiencies and issued no recommendations. The NBU noted that international internal audit standards require an external assessment by qualified independent experts at least once every five years.
National Bank of Ukraine 2025-06-20
National Bank of Ukraine receives top “generally conforms” rating for internal audit in Bank of England external assessment
The National Bank of Ukraine (NBU) announced that an external assessment by the Bank of England confirmed its internal audit function's full compliance with International Standards for Internal Auditing, receiving the highest rating of "generally conforms." The review, based on Institute of Internal Auditors criteria, found no deficiencies and required no recommendations. This assessment, covering two years, is part of a mandatory five-year external evaluation cycle.