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Auditing
Caja Madrid has an Internal Audit Unit providing arm’s length evaluation and consulting capability, the idea being to add value, efficiency and efficacy to our operating and management processes and internal control systems. The Control Committee is responsible for seeing that it performs its work correctly and appropriately, pursuant to the ethical commitment enshrined in the Corporate Governance System.
The Unit’s professional team carries out its tasks in accordance with the “Code of Ethics”, the “Rules for the Professional Conduct of Internal Audits” and other guidelines issued by the Instituto de Auditores Internos. The Audit Unit was assigned the maximum score in a quality assurance programme (EC) run by this Institute in 2007, assessing its compliance with International Standards for the Professional Practice of Internal Auditing and its effectiveness in fulfilling the mission defined for it in the Bylaws and the expectations set by the Control Committee and Chairman's Office of the Caja Madrid Group.
The scope of the annual Audit Plan extends to the entire branch network, business and area directorates, Commercial Banking products, Investment Banking products, processes and organisational groups, the Finance Corporation and Central Services. It also covers information systems and environments, the security of applications and, finally, the measures in place for the protection of personal data.
The Internal Audit Unit exercises a fraud deterrence function and, to this end, evaluates the appropriateness and effectiveness of the Internal Control System using a methodology based on the potential risk of the organisation's diverse activities and transactions. It may also take any action it deems necessary to obtain valid and sufficient evidence in cases of suspected fraud, so management has clear, accurate information for input to its decisions. External audits also help in this direction via the circularisation of customer account balances.
Audits run
|
2007 Data |
2006 Data |
2005 Data |
Unit of measurement |
| Branch audits run under Audit Plan |
630 |
730 |
671 |
audits |
| Remote branch audits: Fraud prevention and internal control alerts |
11,779 |
11,125 |
11,125 |
alerts |
| Audits of processes, products and centres |
186 |
154 |
159 |
audits |