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Pursuant to the Central Bank of Montenegro Law, Internal Audit performs ongoing and comprehensive monitoring of the Central Bank’s activities in accordance with the general act of the Central Bank and the Internal Audit Charter to be passed by the Council, and internationally accepted standards of internal auditing.

Internal audit work in the Central Bank is carried out by a special organisational unit. This unit helps achieve the Central Bank’s objectives by applying a systematic and disciplinary approach and providing evaluations and proposals for improving the effectiveness of the management process, internal control system, and risk management.

The Internal Audit’s purpose is to provide independent, objective, and reasonable advisory activities to improve the Central Bank’s operations.

Internal Audit aims to enhance and protect the Central Bank’s values by providing objective assurance, risk-based advice and insight.

To ensure the independence of Internal Audit necessary for the effective execution of work, the Chief Internal Auditor directly reports on Internal Audit activities to the Council of the Central Bank, the Audit Committee (functional reporting line), and the Governor (administrative reporting line).

Internal audit generally conforms with the International Professional Practice Framework (IPPF) and the Code of Ethics of the Institute of Internal Auditors (IIA), as assessed by the External Quality Assessment team of De Nederlandsche Bank in October 2023.

Internal Audit Charter