IMB Group :: Investor Relations :: Audit

Internal Audit

Internal Audit Function is an independent appraisal mechanism established to examine and evaluate the effectiveness of the risk management, control and governance processes of IMB Group, its subsidiaries and related companies. Internal Audit Function reports directly to the Supervisory Board of IMB Group, acting through the Audit Committee. The objective of the Internal Audit is to assist Supervisory Board and the Management of IMB Group, its subsidiaries and related companies in the effective achievement of their goals. To this end, the Internal Audit provides them with analyses, appraisals, recommendations, counsel and information concerning reviewed activities. The Internal Audit encompasses the examination and evaluation of the adequacy and effectiveness of the system of internal control and the quality of performance in carrying out assigned responsibilities in IMB Group, its subsidiaries and related companies via the coordination of internal audit efforts. In particular, internal auditors:

Review the reliability, integrity and timeliness of financial and operating information and the means used to identify, measure, classify and report such information.

Review the established system to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on operations and reports, and to determine whether the organization is in compliance.

Review the means of safeguarding assets, and as appropriate to verify the existence and value of such assets.

Appraise the economy and efficiency with which resources are employed.

Review projects and programs to ascertain if results are consistent with established objectives and goals and whether they are being carried as planned.

Carry out audits, investigations and reviews as requested by the Audit Committee.

• Reporting lines

Internal auditors render impartial and unbiased judgments about reviewed activities. The Internal Audit provides audit reports to the Supervisory Board and operates according to the directives of the Board and the Audit Committee between the Supervisory Board sessions.

• Relationships with other audit and control units

The external auditor is advised of and has access to relevant internal audit reports, and is kept informed of any significant matters that come to the internal auditor’s attention that may affect the work of the external auditor. Similarly, the external auditors will inform the internal auditor of any significant matters that may affect internal auditing. The Internal Audit may and should be useful in determining the nature, timing and extent of external auditing activities. However, the external auditor has the sole responsibility for the audit opinion on financial statements. The existence of additional departments within the organization for controlling or monitoring specific activities does not relieve the internal audit department from examining those specific activities. Examples of such departments are Risk Management, Internal Control. However, for the sake of efficiency, the Internal Audit Department may use information reported by those control departments in carrying out its tasks.

• Standards

The Internal Audit Department follows the Standards for the Professional Practice of Internal Auditing and Code of Ethics issued by The Institute of Internal Auditors.