Independent Third-Party Assessment of KDPW and KDPW_CCP Internal Audit Function
KPMG Advisory spółka z ograniczoną odpowiedzialnością sp.k. (KPMG) completed a project in Q1 2021 to deliver an independent third-party assessment of the internal audit function provided by the Internal Audit Department at KDPW and KDPW_CCP. In the opinion of KPMG’s auditors, internal audit in the KDPW Group companies complies with the highest international standards fulfilled only by a small proportion of audited institutions.
The findings are particularly relevant to companies such as KDPW and KDPW_CCP which provide infrastructure services for the financial market in Poland and internationally. The auditors’ high assessment, which is very difficult to achieve, corroborates top professional performance and independence of the KDPW Group’s audit unit.
The assessment covered among others compliance of the internal audit function with the International Standards for the Professional Practice of Internal Auditing, the Code of Ethics, the Regulations of the Internal Audit Department, its work plans and operating procedures, as well as applicable laws and regulations. The audit also included an assessment of the objective, role and tasks, objectivity, independence, and position of the internal audit unit in the organisation.
The assessment reviewed internal audit tools and techniques, including an assessment of the audit methodology, planning, in particular risk-based planning, performance of internal audit assignments, communicating and reporting findings, and monitoring the implementation of audit recommendations. The assessment also reviewed the competences of internal auditors.
Internal audit function at KDPW and KDPW_CCP was provided duly and in compliance with the International Standards for the Professional Practice of Internal Auditing, which represents a top achievement.