Our company's Internal Audit function is an independent unit that report directly to the board of directors.
Besides informing the Board during its ordinary meetings, it reports the Audit Committee and briefs the Chairman and CEO on as needed basis.
The charter of Internal Audit is to review the internal control in the company’s processes and to report on those controls with respect to the adequacy, effectiveness, and efficiency of their design as well as their actual functioning.
All parts of the company and its subsidiaries are open for review by Internal Audit.
The audit work is mainly executed according to the audit plan approved by the Board of Directors. Such plan will take into account risks that have been identified and special audits or reviews are conducted as needed. The combination of the regular audits and the special projects provide management with objective assurance and insight on the functioning of the internal control system; it gives management an additional channel to learn about existing or possible future weaknesses in the system, which allows management to address them in a timely manner.
The company supplements the review activities by Internal Audit with documented self-assessments by the divisions. Internal Audit sees to it that these activities do take place, and reviews the submissions to ensure the quality of the process; it consolidates the results of the self-assessments for the Board of Directors.