Position Paper - Internal audit within a group

The objective of this position paper is to provide guidance to the audit departments of banking groups to assist in delivering consistent and adequate levels of assurance across the group, while considering both group and subsidiary regulatory requirements, with the intention of fostering consolidated supervision across the group.

The primary principle outlined within this paper is that the group internal audit function is accountable for overseeing audit activity throughout the group. This view is aligned to that expressed in the Basel Committee’s guidance on internal audit (BCBS 223).