Internal Audit

The principle objective of the internal audit is to help the General Manager of the company and to support the Auditing Committee of the Board of Directors, in order for them to carry out their functions and responsibilities through objective analysis, tests, evaluations, recommendations and comments for all pertinent matter concerning the examined operations. The following are specific functions carried out for the same:

• Examine the reliability and degree of reasonable assurance of the financial statements and other reports or information generated at different levels of the organization
• Corroborate that an adequate internal control system (which implies description, analysis and evaluation) exists, for the internal accounting control system as well as for the operative aspect, assuring that the processes function as expected.

The internal audit function is necessary when a company has increased its volume, geographic extension and complexity and it becomes impossible for General Management to directly control operations. It is important to mention that internal audit belongs to the company’s internal control and has as fundamental objectives to perfect and protect the internal control system.

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