Internal Audit

The internal audit department is often referred as the third line in the Three Lines of Defense model. Its mission is to strengthen the company’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight. This includes helping the company to accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes.

What does a Internal Audit department do?

• Develop a risk-based annual audit plan by identifying and assessing risks that could impact the company’s ability to achieve its objectives.
• Examine the effectiveness of internal controls to ensure compliance with policies and procedures, laws and regulations.
• Communicate findings and recommendations to Management and the Board of Directors, ensuring transparency and accountability.
• Deliver unbiased assessments and recommendations without undue influence from Management. Remain free from conflicts of interest and have unrestricted access to all organizational areas.