Internal audit
Corporate Audit Services (CAS) is ING Bank’s internal audit function. Its role is to provide independent assurance on the design and effectiveness of ING’s internal controls, helping to mitigate the risks our businesses face. Through its assurance activities and audit reporting, CAS offers stakeholders objective insights on risk, control, and compliance matters, with the overarching purpose of helping ING to keep getting better.
The CAS Internal Audit Charter (PDF 0,1 MB) endorsed by the Executive Board and approved by the Supervisory Board Audit Committee, describe CAS' mission, scope of work and authority and responsibilities.
External audit
The external auditor performs the audit on the consolidated financial statements of ING and the statutory financial statements of subsidiaries. In this role, the external auditor attends meetings of the Audit Committee and is present during the annual general meeting of shareholders (AGM).
As part of the audit engagement, the external auditor reports to the Executive Board, the Management Board Banking and the Audit Committee of the Supervisory Board, in which (potential) improvements in the adequacy and effectiveness of the governance, risk and control framework are being recommended.
KPMG is ING's external auditor for the audit of the annual accounts for the financial years 2024-2025. KPMG has then reached the legally set maximum term of 10 years. The annual general meeting held on 22 April 2024, appointed Deloitte Accountants BV as its next external auditor for a term of four years starting on 1 January 2026.
The Supervisory Board will make recommendations to the AGM as to the appointment of the external auditor, based on an assessment made by the Audit Committee.
External auditor Independence policy
The Sarbanes-Oxley Act states that listed companies must have a policy governing the independence of its external auditor. By means of the ING Group Global Procedure on External Auditors’ Independence, ING Group wishes to avoid the auditor providing services that:
- create mutual or conflicting interests between the auditor and ING Group;
- place the auditor in the position of auditing its own work;
- result in the auditor functioning in the role of management or employee of ING Group;
- place the auditor in the position of serving in an advocacy role for ING Group
The Audit Committee is required to separately pre-approve the types of audit, audit-related, tax and other services to be performed by the auditor in order to assure that the performance of such services would not impair the auditors' independence from ING Group. ING’s policy requires the auditor to provide the Audit Committee with an overview of all services provided to ING Group, including related fees and supported by sufficiently detailed information. This overview is evaluated periodically by the Audit Committee.