Internal Audit Unit is a working unit that performs internal audit function. Internal audit is an independent and objective assurance and consulting activity, aiming to increase value and improve the operations of the company and its subsidiaries, through a systematic approach, by evaluating and improving the effectiveness of risk management, control and corporate governance process.
In carrying out its duties and responsibilities, Internal Audit Unit upholds the principles of integrity, objectivity, confidentiality and competency in accordance with the company’s Internal Audit Charter which includes the related Code of Ethics.
The Internal Audit Unit’s areas of responsibility are:
- Prepare and implement the planning and budget of the annual internal audit activity based on risk priority in accordance with the company’s objectives;
- Examine and evaluate the implementation of internal controls and risk management system in accordance with the company’s policy;
- Perform inspection and assessment of the efficiency and effectiveness in all aspects of activity of the company and its subsidiaries;
- Provide improvement recommendations and objective information on the audited activities at all levels of management;
- Prepare audit report and submit the report to the relevant management, President Director and the Board of Commissioner or the Audit Committee;
- Monitor, analyse and report the implementation of recommended improvements;
- Develop programmes to evaluate the quality of audit activities performed; and
- Conduct special audit, if required.
Internal Audit Unit comprises of three departments: Corporate, Plantation and Downstream Internal Audit. This unit is independent from the activities it audits.
Internal Audit Unit is led by a Head of Internal Audit Unit who is appointed by the President Director with approval from the Board of Commissioner. The Head of Internal Audit Unit is accountable to the President Director and functionally reports to the Board of Commissioner or the Audit Committee.