Internal Audit

The Internal Audit Department provides independent, objective assurance and to a lesser extent, consulting services designed to add value to and improve the operations of the Company.

The department assists the Company in the effective discharge of responsibilities and achievement of its objectives by promoting the establishment of cost-effective controls, assessing risks, and recommending measures to mitigate those risks.

RESPONSIBILITY

The key responsibilities of the department are:

• Assessing the various functions, risk management, control and governance processes in the Company and advising management concerning their condition. Areas are selected for audit based on a number of factors including:
• • Importance to strategy
  • Likelihood of control/process issues 
  • Significance to business performance 
  • Business priority
• Performing follow-up reviews to determine whether appropriate action has been taken on significant audit findings and to evaluate any plans or actions taken to correct reported conditions for satisfactory disposition of audit findings. 

ACCOUNTABILITY

The Head of Internal Audit reports functionally to the Chairman of the Audit Committee and administratively to the Managing Director. The Annual Internal Audit Work plan (audit reviews for the year) are approved by the Audit Committee.

The results of audits are reported to the:

• Audit Committee of the Board of Directors 
• Managing Director 
• Relevant members of management