Internal Audit Department
Internal Audit in the Central Bank of the Republic of Kosovo (CBK) is carried out pursuant to the Law on the CBK and International Standards. The CBK basic relevant obligations are specified in Articles 60-62 of the Law on the CBK. The CBK Internal Audit is more detailed in the CBK Audit Charter, Audit Manual, as well as in the internal audit annual plan.
Internal Audit Department is an organizational unit responsible for implementation of internal auditing in the CBK. The CBK Internal Audit is an independent and objective function as well as consulting activity designed to add value and improve the CBK operations and administration. Internal Audit Department helps the CBK accomplish its objectives by evaluation, reporting and recommendations on financial statements and evidences, budgetary and accounting procedures, risk management and other controls applied by the CBK, efficiency and rentability the CBK operates as well as other issues specified.
Internal Audit Department has the following main functions:
• Preparation and proposal of the annual plan for risk based approach internal audit;
• Planning of specific internal audit according to the internal audit annual plan;
• Organization and execution of ad hoc audits at the request of the Chief Internal Auditor;
• Consultation and cooperation with organizational units audited during the specific internal audits; communication with other organizational units and relevant external parties;
• Preparation of internal audit reports regarding specific internal audits; clarification and discussion of findings and recommendations included in the internal audit reports; inclusion of management feedback in these reports;
• Follow up implementation of the recommendations in audit reports;
• Regular and exception reporting on internal audit issues.