Internal auditing supports the organisation by providing independent and systematic evaluation of the efficiency and appropriateness of business processes. It also monitors the effectiveness of internal control and risk management. Internal auditing seeks to ensure that the company’s financial and business reporting is correct, its business operations are legal, and its assets are being appropriately managed. On the basis of its inspections, internal auditing issues recommendations for improving the company’s operations. Internal auditing seeks to support and promote risk management development in the company’s various functions.
The internal auditing action plan is drawn up for one calendar year at a time. Each year, inspections are carried out in areas considered important to the risks at hand and the Group’s objectives. The relevance and feasibility of the action plan are reviewed with management at six-month intervals.
The internal auditing officer reports administratively to the CEO.
In 2015, internal audits focused on operational and supervisory process inspections of principal and support processes.
© VVO Group plc 2015