The internal audit, by applying a systemic, disciplined and risk-based approach, provides an objective and independent evaluation of Latvijas Banka's governance, risk management and control system, including the evaluation of the system's adequacy, efficiency and compliance with national legal requirements and best practice, as well as consultations aimed at improving Latvijas Banka's operation, thus helping perform its tasks and attain its objectives.

The internal audit is carried out in line with the "Core Principles for the Professional Practice of Internal Auditing", "International Standards for the Professional Practice of Internal Auditing" and the "Code of Ethics" of the Institute of Internal Auditors.

The internal audit reports to the Council of Latvijas Banka and the Audit Committee.

The internal audit participates in the work of the Eurosystem/ESCB/ SSM Internal Auditors Committee and conducts audits according to the audit plan approved by the Committee. The staff of the Internal Audit Department plays an active role in the fulfilment of other Eurosystem/ ESCB/SSM internal audit tasks.