Internal audit in banks

Abstract

The current economic and political situation, which has developed against the backdrop of the restrictive practices of Western countries in relation to Russia, leads to the fact that processes are taking place in the Russian financial market that require more careful control of banking activities, given that under the conditions of sanctions, achieving high efficiency of banking activities depends on the steady compliance with the methodological principles of auditing activities, giving the bank reliable guidelines in terms of existing problems and achievements. The lack of a well-functioning internal audit system causes unjustified losses and reduces the overall efficiency of the bank. At the same time, the practice of auditing in foreign countries shows that the formation of methodological foundations for auditing allows banks not only to increase the efficiency of audits, but also to achieve high financial and economic indicators, and increase the level of competitiveness through the introduction of progressive management elements. The article discusses the basic principles of internal audit, aspects of ensuring its independence and objectivity, and reviews the regulatory framework for internal audit. In addition, an assessment is made of the methodological support for internal audit activities in financial and credit organizations, and ways to solve existing problems are identified.