Cap. 510 чл. 6Establishment of the Internal Audit function.

(1) The Board shall appoint one of the Authority’s officers as the Internal Auditor, who shall:

(a) provide oversight of the systems of internal control and risk management of the Authority and to assist and support the Authority in discharging its responsibilities in relation thereto;

(b) provide the communication link with external auditors and evaluate and coordinate the audit and financial reporting progress of the Authority;

(c) scrutinize and evaluate any transaction to be entered into by the Authority with a value exceeding one thousand euro (€1,000); and

(d) review and assess the effectiveness of the financial management of the Authority in its compliance with policies and in the discharge of its regulatory and compliance functions in relation thereto.

(2) The Internal Auditor shall report directly and exclusively to the Board in accordance with the procedures established by the Authority.