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Internal Audit

Internal Audit

The work of the audit committee in 2016 remained focused on the appropriateness of Arzesh Afarinan Pasargad (AAP)’s financial reporting and accounting judgments, the review of key group-level risks and the rigor of AAP’s audit processes, system of internal control and risk management.

A number of key topics have remained core to the committee’s agenda, including regular assessment of the group’s financial responsibilities; the committee undertook detailed reviews of key areas of AAP’s business. I believe the background and experience of the committee’s members, together with the ability to discuss issues directly with management, has led to an effective performance from the committee over the year.

Key responsibilities

  • Monitoring and obtaining assurance that the management or mitigation of financial risks are appropriately addressed by the group chief executive and that the system of internal control is designed and implemented effectively in support of the limits imposed by the board (‘executive limitations’) as set out in the AAP’s board governance principles.
  • Reviewing financial statements and other financial disclosures and monitoring compliance with relevant legal and listing requirements.
  • Reviewing the effectiveness of the group audit function and AAP’s internal financial controls and systems of internal control and risk management.