Internal Audit

Introduction

Internal Audit is a semi-autonomous section under the Administration Department reporting functionally to the Company Board Audit Committee and administratively to the Managing Director.

The section has a charter that guides its activities and clearly defines the code of conduct and ethics. A risk-based audit program is developed each year by the Internal Audit manager and approved by the Company Board Audit Committee for use. The program is tailored to cover the following:

1. Systems audit
2. Implementation of board resolutions
3. Follow-up audit
4. Year-end stock take
5. Evaluate compliance with all statutory obligations

Vision Statement

To be the most reliable internal service provider in terms of professionalism, integrity, and objectivity.

Mission Statement

To provide value-added internal audit services in accordance with international standards, professional and ethical code of conduct, applicable statutes, policies, and regulations with the aim of assisting management and the Board.

Quality Objectives

The main purpose of Internal Audit is to minimize corporate risk exposures and potential financial losses through periodic review of risks, profiles, and internal controls throughout the company. This will be achieved by ensuring:

1. Risks are appropriately identified and managed.
2. All company operations are in compliance with applicable policies, standards, procedures, laws, and regulations.
3. Company resources are acquired economically, used efficiently, and are adequately protected.
4. Board resolutions are acted upon.
5. ISO 9001:2015 requirements are implemented.