Key elements of Energobank’s corporate governance and internal control are external and internal audit.
The efficiency of the Bank’ performance is ensured under the following conditions:
- recognition of special importance of the audit function at all levels of the Bank’s management
- ensuring independence of the external auditor
- involvement of external auditors to confirm the reliability and fullness of financial statements
- efficient response to the conclusions and findings of audits in a timely manner.
The Bank’s internal audit service is an independent structural subdivision set up in accordance with the decision made by the Supervisory Board in order to provide assessment and update of the internal control system on a regular basis, as well as quality performance of duties of the Bank’s employees.
Functions of the Bank’s Internal Audit Service:
- to supervise the Bank’s current performance
- to ensure compliance with laws, rules and regulations of the National Bank of Ukraine and with the decisions made by the Bank’s management
- to verify the results of the Bank’s current financial activities
- to analyze the information and reports about the Bank’s operations, professional activities of its employees and any incidents of exceeding authority by its officials
- other functions linked to supervision and monitoring the Bank’s activities
In order to confirm the reliability and fullness of financial statements, as well as in compliance with the legislature of Ukraine and the Articles of Incorporation, the Bank’s annual financial statements are liable to inspections by an independent auditor or an auditing company. The auditor is selected by the Bank’s Supervisory Board from the Register of Auditors of the National Bank of Ukraine.