Corporate

Internal Audit

It places great emphasis on proper internal controls and has a structured Internal Audit Department to protect the interests of its shareholders, staff and the public..

1. The Internal Audit Department
The Group's Internal Auditor reports to the Audit Committee, which comprises of three independent directors of Vernel

2. Internal Audit Charter 
The Internal Audit Department is an integral part of the organization and function under the policies established by senior management and the Board. The purpose, authority and responsibilities of the Internal Audit Department are defined in the Internal Audit Charter.  

Introduction 
Internal auditing is an independent appraisal activity within an organization to examine and evaluate its activities. The objectives of internal auditing are to assist members of the organization in the effective discharge of their responsibilities by furnishing them with analysis, appraisals, recommendations, counsel, and information concerning the activities reviewed. This promotes an effective control at a reasonable cost.

Role of the Internal Audit Department 
The Internal Audit Department is established by the Board of Directors that define the responsibilities of the Audit Committee of the Board. The Group's Internal Auditor reports administratively to the Chief Executive Officer and functionally to the Audit Committee of the Board of Directors.

Authorization & Responsibilities 
Authorization is granted for full and complete access to any of the organization's records, physical properties, and personnel relevant to a review. Documents and information given to Internal Auditors during a periodic review will be handled in the same prudent manner as those employees who are normally accountable for them.

Internal auditors have no direct responsibility or authority over any of the activities or operations that they review. They do not develop and install procedures, prepare records, or engage in any activities that would normally be reviewed by the Internal Auditors. After an audit, the Internal Auditor would normally provide some recommendations on standards of control to apply to specific activities for improvements. This is included in the written report of audit findings and opinions which is given to operating management for review and implementation at their discretion.

Definition of Audit Scope 
The scope of internal auditing encompasses the examination and evaluation of the adequacy and effectiveness of the organization's system of internal controls and the quality of performance in carrying out assigned responsibilities. It includes:

 

  • Reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify and report such information.
  • Reviewing the systems established to ensure compliance with those policies, plans, procedures, laws and regulations that could have a significant impact on operations and reports  whether the organization is in compliance.
  • Reviewing the means of safeguarding assets and where appropriate, verifying the existence of such assets.
  • Reviewing and appraising the economy and efficiency with which resources are employed.

 

Reporting Accountabilities 
The internal audit report will include management response on the audit findings and recommendations. A full audit report is then forwarded to the Chief Executive Officer for review.

3. Reporting of Irregularities
This site is set especially for our public to write in and inform on any irregularities found in any activities of the Group. Any information given will be reviewed and kept strictly confidential. Should you wish to make a report simply write to marketing@vernel.eu

Thank you for your assistance.

Vernel Kozmetik Internal Audit Department