Some eurozone banks must reform audits – ECB supervisor
Boards do not always pay enough attention to audits, says Pentti Hakkarainen
Some commercial banks in the eurozone need to improve their handling of internal audit procedures, the European Central Bank’s Pentti Hakkarainen told an audience in Frankfurt on November 21.
The ECB’s 2015 thematic review of governance and risk appetite had identified a number of problems that could be addressed by better audit procedures, the the ECB supervisory board member said. He said many banks had made considerable progress, but some needed to do more.
Audits needed to “properly map
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