Internal auditing

Internal auditing supports the organisation by providing independent and systematic evaluation of the efficiency and appropriateness of business processes. It also monitors the effectiveness of internal control and risk management. The purpose of internal auditing is to ensure that the company’s financial and business reporting is correct, its business operations are legal and its assets are being appropriately managed. On the basis of inspections conducted, internal auditing issues recommendations for improving the company’s operations. Internal auditing seeks to support and promote risk management development in the company’s various functions.

The internal auditing action plan is drawn up for one calendar year at a time. Each year, inspections are carried out in areas regarded as important to the risks at hand and the goals of the Group. The relevance and feasibility of the action plan are reviewed together with the management at six-month intervals.

The internal auditing officer reports administratively to the CEO.

In 2013, internal audits focused on operational and supervisory process inspections of principal and support processes.