The Internal Audit Division is an independent, impartial, assurance and advisory activity, designed to add value and improve Company's operations. It helps the Company attain its goals by offering a systematic scientific approach to the assessment and improvement of risk management, internal control systems and corporate governance procedures.
Key principles governing the operation of the Internal Audit Division
The Company's Internal Audit Division has the direct overall responsibility for internal control operations in the Company and in the non-listed subsidiaries. For the Division to cooperate with the respective Division of a subsidiary listed on the Stock Exchange, the prior approval of the Audit Committee of the subsidiary concerned is required.
In exercising their duties, the internal auditors enjoy independence, do not come under the hierarchical authority of any of the Company's departmental units and are supervised by the Audit Committee of the Company's Board of Directors.
The Company's Internal Audit Division reports the results of its work to the Audit Committee and to the Board of Directors.
The Internal Audit Manager is appointed by the Company's Audit Committee, and is a person with adequate qualifications and experience.
The Internal Audit Division examines and assesses the adequacy and effectiveness of the internal control systems, and the quality of the efficiency of the other mechanisms and systems involved in the attainment of the specified Company's goals.
The primary objective of Internal Audit Division is to provide the shareholders with reasonable assurance regarding the attainment of the Company's operational goals.
Internal auditors exercise their duties according to the Code of Conduct of the Institute of Internal Auditors, which means that internal auditors are bound by the principles of independence, impartiality and confidentiality. In addition, the activities of internal auditors conform to the International Standards for the Professional Practice of Internal Auditing, and to the policies and procedures of the Company.
The Internal Audit Division has full access to all books and data, employees, premises and activities of the Company which are necessary in carrying out its auditing work.
The Management of the Company provides the Internal Audit Division with every information and data which is necessary in carrying out its tasks, and cooperates with it during the audit itself as well as in connection with the implementation of the submitted recommendations on improvements.
The Internal Audit Division is responsible for safeguarding fully the secret nature of the data and confidentiality in general. The members of the Board of Directors work with the internal auditors, supplying them with information and in general facilitating their work in every possible way.
Responsibilities of the Internal Audit Division
The responsibilities of the Internal Audit Division include the following:
Staffing of the Internal Audit Division
Staffing of the Internal Audit Division is such as to assure the Audit Committee that the internal auditors possess technical skills and educational background that are suitable for the audits to be conducted.
The Internal Audit Manager, with the full cooperation of the Audit Committee, specifies the appropriate educational qualifications and professional experience criteria for filling internal auditor vacancies, giving appropriate emphasis to each auditor's scope of work and level of responsibility.