Internal Audit Division

​We implement the Bank of Lithuania internal audit policy, thus contributing to achievement of our organisation’s objectives, as well as efficient and effective operations. Internal audit is a management tool for assessing adequacy and suitability of risk management and supervision, and supporting their further development.

Internal audit is carried out in accordance with the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors (USA) and is based on principles of objectivity, independence, proficiency, confidentiality and honesty.

We are authorised to perform independent analysis and assessments of governance, risk management and control processes. Internal audit is independent from the activities assessed and does not substitute control and risk management carried out by managers of all levels.

Auditors always take into account issues related to optimal institutional structure, assignment of duties and functions, effective usage of funds and assets, quality of public services and approach towards Bank of Lithuania customers. We also focus on IT security and its efficient use, compliance with ethical standards and institutional values.

Audits are carried out pursuant to our division’s annual action plan, approved by the Chair of the Board of the Bank of Lithuania. Audits planned by the Internal Auditors Committee (46.4 KB download icon) of the European System of Central Banks (ESCB), carried out on ESCB level, are also included in the plan. Representatives of our division take part in ESCB internal auditor exchange programmes: they visit other central banks or welcome their auditors at the Bank of Lithuania.

We inform our immediate superior – the Chair of the Board of the Bank of Lithuania and the Board – of audit results, major risks identified, compliance with audit recommendations and implementation of the Bank of Lithuania internal audit policy.

In addition to auditing, we provide consultations by request of the Board and units of the Bank of Lithuania – we assess ongoing projects, operational compliance with legal acts, process efficiency and potential risks.

In cooperating with internal auditors from other Lithuanian organisations and central banks, we share good practices in internal auditing.

We aim to be seen as experts in our field, contributing to positive changes that add to the good of both the organisation and the public.