Internal auditing

The internal auditing by definition is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Following this definition, the objective of BAMC’s internal audit function is to represent a value adding activity to the company and helping the company achieve its goals. The internal audit function is reporting directly to the Board, which approves its audit charter, audit plan as well as budget and resource plan. The work of internal audit function adheres to the mandatory guidance of The Institute of Internal Auditors and The Slovenian Institute of Auditors.

The key focus of internal audit function is to contribute to the effectiveness and efficiency of the internal control system of BAMC through audit and advisory assignments. Besides following the accepted plan, the internal audit function is involved in day-to-day operations of BAMC through open discussions with employees who are seeking advice, wish to discuss the internal control and risk management issues or are trying to test their ideas with someone who can respond to informed questions and suggest workable solutions.

At the end of 2019, in its fifth year of existence, the activities of BAMC’s Internal audit function were assessed by an independent external quality assessor. The independent assessor stated in its report that BAMC’s Internal audit function achieved a general compliance with the International Standards for the Professional Practice of Internal Auditing promulgated by The Institute of Internal Auditors.

​External auditing

he BAMC’s financial statements from 2013 through to and including 2019 were audited by KPMG Slovenija, d.o.o., Ljubljana. As part of its audit of the financial statements, the external auditor reports its findings to the Board of Directors and the Audit Committee.