And for those of you who did not know Palle, or knew him only by academic reputation, let me introduce you to a complex and endearing character who contributed a lot to macroeconomics, to the formulation of better economic policies, to the more harmonious functioning of the Monetary and Economic Department of the BIS, and to me personally.
They are carried out on the basis of a predefined scope, timeline and resources, and use investigating and inspecting techniques to test controls and substantive procedures, following common standards. They follow specific procedures and are conducted in an independent manner – vis-à-vis the JST, the NCAs and the respective inspected credit institutions.