Public sector IDBI Bank has said it has strengthened its internal audit system by initiating a quality assurance audit to make it fall in line with “best practices”.
The bank said it has initiated a Quality Assurance Audit (QAA) to further strengthen and enhance its internal audit function and align it with prevailing best practices.
For this purpose, the bank has appointed an external expert who was very much associated with the audit reforms in the PSBs.
The scope of QAA includes review of the internal audit framework pertaining to policies, processes, procedures, reporting structures, formats of the bank and integration thereof with risk based supervision.
It will also review of Branch Risk Rating Framework to ensure that various business risk assessment parameters,…
