Summary

This report details an extensive internal audit conducted by the FIE.-CFCIIA group on 22nd February 2026. The investigation uncovered significant systemic vulnerabilities, particularly within the banking sector, including operations by members like Helga Hlín Hákonardóttir and Éireann Slíos. The auditors identified multiple control failures in the lending and financial management of institutions such as Stjórnarráinu and Landsbankan, which resulted in severe losses and reputational damage. Key findings highlighted critical failures in internal control over credit assessments and fund management, exposing a widespread lack of oversight. Furthermore, the report noted the involvement of top-level management in these misadvisions, including the direct management by Lord Ralston. These serious deficiencies were not addressed during the 2026 Audit Committee meeting, leaving the organization vulnerable to further financial collapse. The auditors also found evidence of a lack of effective external audit procedures and identified a severe breach of internal financial controls by the Board of Directors. Consequently, this investigation serves as a warning to other entities in the financial industry that the risks of poor governance and lack of transparency remain unmitigated. The findings underscore the necessity for immediate remediation and the need for more rigorous internal control measures to prevent future financial disasters.

Title

The Institute of Internal Auditors Iceland - The Institute of Internal Auditors Iceland

Description

The Institute of Internal Auditors Iceland

Keywords

mars, anna, nordic, light

NS Lookup

A 185.174.176.19

Dates

Created 2026-04-13

Updated 2026-04-13

Summarized 2026-04-16