Application of internal audit standards by commercial banks of the Russian Federation

Internal audit in Russia is in its infancy, and the development of its own standards for the implementation of internal audit requires a huge amount of resources and professional knowledge.

The use of international experience has a positive effect on the development of internal audit in Russia, brings it into the international economic space and ensures the competitiveness of Russian internal audit. However, along with the advantages of using the MPSVA, there is a complex of features and problems associated with the integration of international standards into Russian practice.

Particular attention to internal audit in the Russian Federation is paid to commercial banks, where the mandatory and permanent functioning of the internal audit service is determined at the legislative level.

The purpose of the study is to analyze the current state of internal audit in Russian banks and identify general trends in its development, assess compliance with the International Professional Standards for Internal Audit. The object of the study was the internal audit services of three banks of the Russian Federation – VTB Bank (PJSC), Tinkoff Bank JSC and Yoshkar-Ola Bank (PJSC). Despite the difference in the size of assets, the structure and scale of activities of the selected banks, the study showed the reliability of the functioning of the internal audit services of the reviewed banks and their regulatory compliance with the best generally recognized standards of the ASIA.

The use of the International Professional Standards for Internal Auditing (IPSIA) in building the internal audit service in the banking sector illustrates the positive dynamics in the application of international experience in the Russian Federation as a whole. This, in turn, proves the possibility of integrating Russian internal audit into international economic relations, developing and popularizing the audit profession in the Russian Federation in accordance with world-class professional requirements and ensuring high-quality and competitive Russian internal audit. 

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