Internal Audit

The Company’s internal audit department reports directly to the Board of Directors, functioning as an independent unit. In addition to the regular Board Meeting reports, it reports to the chairman, the supervisor and the general manager monthly or when necessary.

The internal audit department develops its annual audit plan, based on risk identification. The plan will be implemented after approval from the Board of Directors. In addition to the annual audit work plan, the department is also in charge of auditing or reviewing special projects, in order to provide timely information on any existent or potential internal control deficiencies.

It is the duty of the department to oversee the Company’s various units and its subsidiaries. It reviews the internal control of their operating procedures and their self-assessment implementation. It then reports the appropriateness of the control design in relation to the practical operation and the effectiveness of the implementation.