The main competencies of the Committee are: to evaluate the adequacy and effectiveness of the Internal Audit System and monitor the work of the Internal Audit Division; to give an opinion upon selection of External Auditors; to reassure the BoD that the Bank observes the procedures ensuring compliance with the laws and regulations governing its operation; to review, independently of the involved units, the annual and interim financial statements and other significant data and information to be announced or submitted to authorities or organisations; to formulate opinions and observations on the content of the Internal Audit Division Report on the assessment of the credit portfolio quality (adequacy of credit procedures, estimate of potential default, adequacy of provisions, etc.).