Internal audit experts of Latvian, Lithuanian and Polish Regulators share experience on how to increase the added value of audits

Electronic Communications

Informationa prepared by VERT

On 20 October, 2021 the remote meeting took place between the internal audit experts of the Public Utilities Commission of Latvia (PUC), National Energy Regulatory Council of Lithuania (VERT) and Polish Energy Regulatory Office (URE).

The first part of the meeting was devoted to discussing the specifics of the organization of the internal audit unit and organizational independence in the national Regulator. The second part of the meeting was focused on how audits are planned, implemented, risk assessment and resources management performed. How to ensure better communication and cooperation with auditee, better disclosure the benefits of audit results to auditee and management.

The third part is devoted to the future collaboration between the internal audit units of the Latvian, Lithuanian and Polish Regulators, the possible circle of participants, the participation of external experts. Also, the forms of joint activities and periodicity of meetings. Such meetings provide a better acquaintance with the best practices of the organization of internal audit in other countries, share experience in increasing the added value of internal audit in the national Regulator.