Internal Audit is assigned with the responsibility to provide an overall assurance about the suitability and functioning of processes and controls mainly in the following areas:
- corporate governance;
- risk management;
- internal control system.
Internal Audit is therefore appointed to assess, verify, evaluate and monitor the effectiveness of risk management, control and governance processes both at single entity/function and corporate level by following a systematic risk-based approach, including not merely formal but substantive tests and checks.
In order to improve the adequacy, effectiveness and performance of the Internal Control System, the Internal Audit
- is requested of independence and objectivity;
- is involved in the identification of cross-functional business issues by all those involved in the Internal Control System;
- has a full and direct access to all information useful to exploit his assignment;
- suggests the appropriate corrective actions and to perform follow-up controls in order to test the results of the suggested actions.
Internal Audit is responsible for the following main activities:
- carrying out operational, financial and compliance audits, in compliance with the annual audit plan approved by the Internal Control Committee;
- carrying out non programmed control interventions requested by the main subjects of the Internal Control System or by the top management;
- monitoring the state of implementation of the corrective actions defined after the audit activities;
- carrying out the supervisory activities specified in "Model 231", upon agreement and coordination with the Oversight Board.
Internal Audit guarantees systematic and periodic information flows on the results of implemented activities towards the control and supervisory bodies and the top management, so that they may undertake the necessary actions.
Internal Audit directly reports to the Board of Directors through the Internal Control Committee, whose meetings attends regularly.
