A survey by the Basel Committee’s Accounting Task Force has reported widespread endorsement of the key internal audit principles identified by the Committee as reflecting best practice within the banking industry. The survey found ‘broad recognition’ of the importance of independent and competently staffed internal audit functions. Responses further indicated that boards of directors and audit committees are devoting time and effort to ensuring that their banks maintain ‘appropriate internal controls and risk management protocols’ and are complying with laws and regulations. Almost all banks surveyed either already have an audit charter in place or are currently drafting one. Prof Arnold Schilder, a member of the Basel Committee, Chairman of its Accounting Task Force and Executive Director at the Netherlands Bank, said: ‘Current events have highlighted the importance of these endeavours in promoting a culture of robust internal controls and strong internal audit functions in banks as cornerstones of sound corporate governance. High-quality audit is important to ensure public confidence in the integrity of published financial statements.’ The Basel Committee surveyed the internal audit issues in banks in 13 countries utilising the framework of the Committee’s best practice paper issued in August 2001.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more