Internal Audit Department

The Internal Audit Department (IR) operates under the mandate of the Executive Board. According to the Sveriges Riksbank Act (2022:1568), there must be an internal audit department that reviews the Riksbank's internal governance and control.

IR provides an independent and objective assurance and advisory service, with the aim of creating added value and improving the Riksbank's operations. This is achieved through continuous review of the Riksbank's various activities. IR helps the Riksbank achieve its goals by systematically evaluating and improving the effectiveness of processes for management, risk management, governance, and control. This is in accordance with The Institute of Internal Auditors (IIA) definition of internal auditing.

The Internal Audit Department (IR) operates based on an annual plan developed from IR's analysis of the organization's risks. This is referred to as the audit plan. The Executive Board then makes decisions on the plan. IR also conducts certain audits on behalf of the Internal Auditors’ Committee within the ESCB, known as IAC (Internal Auditors’ Committee), which is the internal audit function for the Eurosystem/ESCB. These audits are also included in IR's audit plan. IAC Mandate and Audit Charter for the Eurosystem ESCB and the SSM. 

Internal auditing is conducted in accordance with good practice in the field, which includes following standards established by the Institute of Internal Auditors (IIA) and the Institute of System Audit and Control Association (ISACA). 

Read more: Internal Auditors Committee mandate and Audit Charter for the Eurosystems/ ESCB and Single Supervisory Mechanism