Internal Audit is an independent and objective assurance and consulting activity, designed to add value and improve Group functions. It helps the companies of the Group achieve their objective goals by adopting a systematic, professional approach to assessing and improving the effectiveness of risk management processes, internal audit systems and corporate governance.
The activity of the Internal Audit Department (IAD) aims at its full compliance with the International Standards for the Professional Practice of Internal Auditing, as established by the Institute of Internal Auditors (IIA), and the integration of internal audit best practices, as well as from the current legislative framework.
IAD’s organization and operation
The IAD is an independent organizational unit within the Company.
The Head of the IAD is appointed by the Company’s Board of Directors, upon recommendation of the Audit Committee, is a full-time employee, personally and functionally independent and objective in the performance of his/her duties and has the appropriate knowledge and relevant professional experience.
The Head of the IAD functionally reports to the Audit Committee and administratively reports to the CEO of the Company, in accordance with the current legislation and the Company’s Internal Operating Regulation.
Responsibilities
- Monitors, controls and evaluates, based on the annual risk assessment carried out, the implementation of the Internal Operating Regulation, the Internal Audit System of the Company and the Group’s Companies, the Risk Management System of the Company and the Group’s Companies, the Regulatory Compliance System of the Company and of the Group’s Companies, the implementation of the Corporate Governance Code, the Corporate Governance System, etc.
- Submits progress reports to the Audit Committee at least every three (3) months, which include the most important issues and proposals resulted from IAD’s work, which the Audit Committee presents and submit together with its observations to the Board of Directors.
- Oversees the way in which the assets of the Company and the Group’s Companies are protected and confirm the existence of such assets.
- Audits and evaluates accounting and information systems.
- Verifies the accuracy, reliability and timely preparation of financial (and other) reports.
- Provides the appropriate information to the Audit Committee and, through the Audit Committee, to the Board of Directors of the Company on important matters arising during the performance of IAD’s duties.
- Collaborates with the external auditors, other assurance units of the Company and the Group’s Companies as well as third partners and supervisory bodies in order to adequately and effectively cover the audit needs of the Company and of the Group’s Companies.
Jurisdiction
The Board of Directors and the Audit Committee stipulate that the Head of the IAD and the members of the IAD shall have full access to all the activities and units of the Company and the Group’s Companies, as well as to all the data and information deemed necessary for the performance of the IAD’s duties.
