On 20 October, 2021 a 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 its organizational independence within the national Regulator.
The second part of the meeting focused on how audits are planned and implemented as well as on how risk assessments and resource management are performed. How to ensure better communication and cooperation with the auditee and better communicate the benefits of audit results to the auditee and management.
The third part was devoted to the future collaboration between the internal audit units of the Latvian, Lithuanian and Polish Regulators, the possible circle of participants, and the participation of external experts. Also discussed, were the forms of joint activities and frequency of meetings.
Such meetings provide an opportunity to learn more about best practices in the organization of internal audits in other countries and to share experiences in increasing the added value of internal audits in the national Regulator.