The external auditor has a specific role and duties that it must perform, such as the completion of the annual audit report. This report must include statements of the auditor’s opinion on matters including compliance with prudential requirements and compliance with the risk management framework (which includes the risk management declaration).

One of the roles of the internal auditor is to provide the board and the Board Audit Committee with further independent assurance that the risk management framework and the operational risk financial requirement are appropriate, consistently implemented and effective. This is a broader, less prescribed role with an enhanced focus on matters such as the adequacy and effectiveness of approaches.