We get the job done. Right.
Our internal audit unit is a dynamic and wide-reaching tool that helps us effectively manage risk in a fast paced environment, evaluate and improve on our internal control and corporate governance systems and processes and safeguard the company’s investments and assets. Taking into consideration anything that might be important to the achievement of our objectives, our internal audit approach is an effective way to ensure that we get the job done right and that all our resources are optimized to deliver maximum value.
Internal Audit CARES
- Compliance: with policies, rules regulations, and laws
- Authorization: proper review and approval
- Reliability and data accuracy: data is accurate, timely, useful, reliable and relevant
- Effectiveness and efficiency: operations are effective and efficient and add value; accomplishment and monitoring of goals
- Safeguarding assets: assets are protected from theft, misuse, and/or destruction.
Technical References and International Standards
Conducting Internal Audits
INTRALOT has formed an Internal Audit Unit, in order to help the Group accomplish its objectives, safeguard the investments and assets, as well as identify and resolve major risks, by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control and corporate governance processes. The internal audit system consists of procedures implemented by the Board of Directors, Management and employees to ensure the effectiveness and efficiency of corporate operations, the accuracy of financial reporting and compliance with applicable legislation and regulations.
The Internal Audit Unit is independent as it is not connected to other organizational unit hierarchy and functionally reports to the Audit Committee of the Board of Directors and administratively (e.g. day-to-day operations) to the Group CEO.
The Internal Audit Unit, who meets or exceeds the International Standards for the professional practice of Internal Auditing (IPPF), examines and evaluates the adequacy and effectiveness of the Group’s internal control, enterprise risk management and corporate governance processes, in accordance with its policies and procedures, as well as the applicable legislation, operating standards and corporate governance principles, in order to ensure that the Group:
- Identifies and manages arising risks.
- Protects and efficiently uses its resources.
- Provides accurate, credible and up-to-date financial and management reports.
- Maintains employee compliance with the Company’s policies, procedures and standards
- Complies with the regulatory framework governing its operation.
Audit MethodologyThe Audit and Compliance Committee:
- Monitors and reviews the effectiveness of the Internal Audit Unit every three months, regarding the management of main risks faced, which comprises all audits, including financial and operational audits, compliance and risk management systems.
- Ensures the integrity of corporate accounts, financial reporting systems and public disclosures, as well as the effectiveness of the internal control and risk management systems.Establishes direct and regular contact with external and internal auditors, in order to remain updated on the proper operation of the control system, though the Audit and Compliance Committee.
- Establishes direct and regular contact with external and internal auditors, in order to remain updated on the proper operation of the control system, though the Audit and Compliance Committee.