Bank of Baroda (BoB) is planning to conduct a review of its internal audit practices for domestic and international operations to strengthen and improve current processes, a bank document showed.
The public sector lender plans to appoint a consultant to review the coverage, model and process of internal audits and recommend changes for improvement, according to the bank’s request for proposal to appoint a consultant.
According to the Bank for International Settlements (BIS), the internal audit function provides vital assurance to a bank’s board of directors and senior management regarding the quality of internal control systems. BIS is an international financial institution owned by 63 central banks, including the Reserve Bank of India (RBI).
“Bank of Baroda seeks to appoint a competent management consultant for review of (the) internal audit framework of the bank. It is expected that the team of the selected firm will have necessary expertise, experience, capabilities, and knowledge in the area” it said.
The consultant has to assist in framing policies for root cause analysis of repeated internal audit observations. The work also involves suggesting appropriate dashboard and data analytics tools to track major deviations triggering pre-emptive audits. That apart, the state-owned lender is also looking to receive inputs on timely detection by audits, and instances pointed out and prevented during the course of internal audit.