Backed by its superior management, high operating standards and corporate governance best practices, Commercial International Bank – Egypt (CIB) has once more proven its leadership of the banking sector, being the first Egyptian bank that applies external quality assurance assessment by Ernest & Young (EY), one of the leading four audit firms worldwide. CIB is then the first Egyptian bank that applied this assessment.
CIB’s main objective of this high-level Functional Performance Assessment was to evaluate the Bank’s Internal Audit Function in terms of selected standards of the Institute of Internal Audit (IIA) delineated in the International Professional Practice Framework (IPPF).
The assessment indicated that the activities of CIB’s Internal Audit Function generally conforms to 30 IIA Sub-standards and partially conforms to 3 IIA Sub-standards; which is a major achievement, recognizing the distinctive role of the Bank’s Internal Audit Group, including but not limited to, issuing independent, objective assurance reports through the evaluation of the adequacy and effectiveness of internal control, risk management and corporate governance.
Ehab Nagm, CIB Chief Internal Auditor said, “The outstanding results of the EY assessment reflect the hard work and high commitment of all the Audit team, supported by all of the Board of Directors, the Audit Committee and senior management, on the basis of the important role of the internal audit team.
Nagm added, “This assessment will help in supporting the effectiveness of the Audit Group, and further capitalizing on its promising outcomes, such as maintaining its leadership in the market, coping with changes on all levels, regional and international, as well as developing the staff skills in this regard through continuous education and training programs in addition to support them in obtaining the professional specialized internal auditing certificates”.
It’s worth mentioning that CIB was the first Egyptian corporation to establish an Audit Committee in 1998. The Internal Audit Group performs all activities under the comprehensive risk based audit approach that incorporates CIB business strategy and covers all banking segments.