State Bank of Pakistan Banking Services Corporation

Internal Audit function is established to act as a trusted advisor to the senior management and Audit Committee of SBP BSC Board. It provides independent reviews on internal controls, Enterprise Risk Management (ERM) and governance processes of the organization. Internal Audit also recommends improvements in internal controls besides assisting the Audit Committee in effective oversight of SBP BSC operations. It follows Risk Based Audit approach in examining and evaluating SBP BSC’s framework of risk management, controls and governance processes. Further, it also performs special assignment including investigation assignments, consulting assignments such as facilitation and process design assigned either by the Audit Committee or by the senior management.

The Internal Audit Department is setup at three Audit Hubs (AHs) located in each of the SBP BSC Region i.e. Karachi, Lahore and Rawalpindi. Audit teams are engaged in conducting the annual audit of the departments at the Head Office and field offices across the country. They also conduct short duration hub audits biannually of the core areas in field offices. A separate division of Continuous Audit analyzes soft data available to provide assurance on certain areas which can be exclusively reviewed through the system.