Internal audit
The purpose of internal auditing is to ensure that the company operates efficiently and profitably, information is reliable, and all regulations and operating principles are observed. The company’s Board of Directors monitors and evaluates the efficiency of the company’s internal supervision with the assistance of the Audit Committee. Internal auditing helps the Board fulfil its control duties by ensuring that the company’s control measures have been planned and implemented in an appropriate manner.
Taking into account the scale and industry of the business as well as the size of the organisation, the company has decided to not establish a separate function for internal auditing but have the company’s financial controller manage the internal audit.
Objectives, duties and reporting of internal auditing
Internal auditing helps the Board of Directors fulfil its control duties and supports Wetteri companies and the management in achieving the set objectives by providing a systematic approach to the evaluation and development of the efficiency of risk management, control, management and administrative processes.
The purpose of an internal audit is to:
- ensure that the administrative processes are appropriate and profitable
- improve the efficiency of different company functions
- ensure the accuracy of financial information and reporting
- ensure observance with law, regulations and agreements
- improve data security and data privacy
- prevent misconduct
- promote responsibility
In addition, the internal audit conductor is responsible for organising and managing the company’s whistleblowing channel.
As part of the internal audit, an annual action plan is prepared for the Audit Committee’s approval. The audit is conducted in a risk-based manner and in cooperation with the company’s other control functions (risk management, auditors, compliance), targeting company functions and units, which have been estimated crucial for the achievement of the objectives set for the company activities.
The audit results are reported to the Group CEO, CFO, and the management and persons in charge of the function or unit concerned. The auditor is informed of the audit reports. A summary report covering all audits conducted, the key observations and recommendations, and the management’s action plans and implementation thereof is prepared for the Audit Committee annually. A summary report of internal audit activities is prepared for the Board of Directors annually.
