Brings together the entities’ auditors to share criteria and best practices in risk-based internal audit and independent assurance.
Objective and functions
Share criteria and best practices in risk-based internal audit and independent assurance, and provide cross-cutting support to the other committees in the design and evaluation of controls.
- 01Analyze the internal audit standards and the Three Lines Model.
- 02Share best practices in planning and carrying out risk-based audits.
- 03Contribute the assurance perspective to the other committees and to the Club’s activities.
- 04Hold discussions with figures from the public and private sectors.
What internal audit is
Internal audit
Strengthens an organization’s ability to create, protect and sustain value by providing the board and management with independent, risk-based and objective-based assurance, advice, insight and foresight. It is governed by the IIA’s Global Internal Audit Standards 2024.
SourceIIA, Global Internal Audit Standards, 2024 (opens in a new tab)
Third line
In the Three Lines Model, management manages risks (first and second lines) and internal audit provides independent assurance on the effectiveness of governance, risk management and control (third line). It is not a type of risk, but the function that evaluates how risks are managed.
How it is measured and quantified
Because it is an assurance function, what is measured is the coverage and effect of its work, not an exposure.
Audit universe and risk rating
Inventory of auditable processes, areas and systems with a risk rating that prioritizes the annual plan.
Plan completion
Audits completed ÷ audits plannedMeasures progress on the risk-based plan and coverage of the highest-risk areas.
Rating of findings
Classification of observations by severity and trend, to inform the audit committee.
Remediation
Percentage of findings closed on time and age of those still open.
Quality and performance
Quality assessments, surveys of audited units and compliance with the IIA standards.
How it is managed
Coordination
Those who lead the committee. The coordination and co-coordination roles rotate once a year.
Coordination
José Guillermo López
Deputy Manager of Supervision, Superintendency of Banks
Co-coordination
Nicolle Ramirez
Marsh
Regulations and recommended readings
Standards and documents that the committee uses as the basis of its work.
Sign up for this committee
Members who wish to take part notify the Club’s Executive Committee, and this form is the channel. Regular members and representatives of sponsor members may take part. Not a member yet? Find out how to become one.
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