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This dissertation was written as part of the MSc in International Accounting, Auditing and Financial Management at the International Hellenic University. This paper discusses the effectiveness of the Internal Audit and Internal Control Systems in Greek Banks. In particular, in the context of this thesis, beyond the literature review, empirical research will be conducted to complete the effectiveness of internal control systems surveying. There are a lot of risks in which the banking institutions are exposed day by day and for this reason it becomes necessary to have an organized and an efficient control to detect and treat risks in order to have a smooth and a stable function. Banks face various risks including financial, operational and liquidity risks and are obliged to apply the internal audit in order to mitigate and control these ordinary situations and reciprocate properly in a new business environment. It is very important to emphasize, that it is not possible for Banks to solve all the problems that they face, so they use the Internal Audit and Internal Control Systems to reduce these problems in a considerable way. This Master thesis main purpose is to highlight the importance of internal control function, as well as their detailed presentation as imprinted and as experienced in the employees in banks, to attempt an objective point of view, to draw some conclusions and to arise possible improvements and proposals on internal audit. Also, it aims to highlight the complexity and the nature of the banking activity. Also this study investigates the importance of the effectiveness of internal audit and internal control systems in the Greek bank institutions. The collection of the data was carried out through a questionnaire at a random sample of fifty bank employees in four Greek banks. The Quantitative approach of the data was made by a statistical analysis, and graphics using the Microsoft Office Excel 2016. The findings of this survey, guide us in drawing some conclusions as guidelines for the improvement of internal control and increase its effectiveness on Greek banks. Moreover, there are also some recommendations provided for further research.