Internal Audit

Internal Audit:


Internal Audit function is an independent unit that reports directly to the Board of Directors. Besides informing the Board during its ordinary meetings, it briefs the Audit Committee on a quarterly and on as needed basis. The majority of the audit work is executed according to an annual plan, which needs to be approved by the Board of Directors and special audits are conducted as needed.

The purposes of internal audit are to assist the Board of Directors and managers in reviewing the effectiveness of the Company’s internal controls, operational effectiveness and efficiency, and then to provide recommendations.

In addition, 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 Audit Committee and the Board of Directors.

The appointment or dismissal of the Internal Audit supervisor is reviewed by the Audit Committee and decided by the Board of Directors. His/her performance review and remuneration are based on company rules and reported to the Audit Committee and the Board of Directors.