It is, therefore, in the interest of the internal auditor to promote governance to facilitate his job in a bank. The need for continuous learning These new challenges that are faced by internal auditors require them to acquire the necessary skills and competencies on a continuous basis. This makes it necessary for them to place them on a learning path so that they could update themselves with new developments. As I mentioned earlier, the internal auditor should be an all-rounder. He should know all aspects of banking in order to perform an effective job as an internal auditor. In this respect, the work done by the Institute of Internal Auditors in developing a wholesome internal auditor is laudable. In addition to providing professional qualifications, it conducts regular seminars, lectures and short-term training programmes to keep its membership continuously updated of the new developments. In the modern world where human knowledge is subject to the fastest depreciation and obsolescence, the cry by any  BIS Review 143/2007  3  professional should be learning, learning and learning. I hope that this seminar will fulfill that task. Conclusion The functions of internal auditors have expanded substantially over the years due to the expansion of business, addition of new risk elements and adoption of advanced technology. Yet, the basic character of the auditors remains the same. They should function only as extended ears, eyes and arms of the top management and owners. They may point at irregularities, but would not act as penal authorities.
Ardian Fullani: Concerns of the prospective ERM II members Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the conference “The Mission of Contemporary Central Bank” organized by the National Bank of Poland, Warsaw, 15 December 2006. *  *  *  Your Honor Mr. Balcerowicz, Honorable Governors, Dear Colleagues, Ladies and Gentlemen, I would like to take this opportunity to thank Mr. Balcerowicz and the National Bank of Poland for the invitation. It is an honor for me to take part in this discussion and to share my thoughts concerning the challenges facing prospective ERM II members. The central theme of this conference – the mission of the contemporary central bank with the focus on euro adoption – is of crucial importance for countries aspiring to become members of the big EU family in the not-too-distant future. Drawing from the experience of current and prospective members, accession to this family is a complex and challenging process. As a test of the nominal convergence of a country, the ERM II mechanism has attracted a lot of academic interest and criticism. Conceptually speaking, the ERM II directly precedes the full integration in the EMU. (I)  ERM II as a step towards EMU  To put the ERM II in a proper context, we need to be clear on the fact that it is an early necessary step before Euro adoption. Therefore, entry into ERMII is conditional on the economic and political readiness for entering the EMU.