TVO's Internal Auditing assesses the efficiency and expediency of policies and procedures in use and reviews the functioning of the internal control. Internal Auditing also aims to promote the progress of TVO's corporate governance and risk management in different functions of the Company. The principles guiding the internal auditing are set out in the internal auditing guidelines. Internal Auditing reports to the Audit and Finance Committee and supports the management in the development of good corporate governance, risk management, and internal control systems, as well as their efficacy and adequacy.
Annual internal audits are based on audit plans approved by the Audit and Finance Committee. The annual internal audit plan content is coordinated with the audits conducted by the Auditor and the internal audits of the Quality and Environment function. A summary of the internal audit is regularly reviewed in the Audit and Finance Committee and reported annually to the Board of Directors.
Internal Auditing presents the President and CEO a report on each audit immediately after they have been conducted. An annual summary lists the targets, dates, and contents of the audits, any observations made and irregularities detected, and suggestions for further measures.
The observations and irregularities are reported to the Management Group, who then decides on the monitoring of the irregularities and appoints a person to deal with each observation or irregularity. The management is responsible for making sure that the required corrective measures are made.
