Annual Report 2019

Internal Audit

Our Internal Audit function leads internal audits and collaborates closely with other group departments, which include Risk Management. The internal auditing scope includes examining and evaluating the adequacy and effectiveness of our governance, risk management and internal controls, based on minimum internal control standards.

They also include the performance quality in carrying out assigned responsibilities to achieve our goals and objectives. Observations and recommendations are discussed and agreed upon with local management before they share final reports with the Management Board and Audit Committee. Risk Management monitors the progress of audit findings by function, based on the auditee’s quarterly status update.

We continue to evaluate the internal audit function through stakeholder evaluation forms that are completed by the auditee and other functions involved in the audit process. In addition, an external quality assurance assessment takes place every five years to support and confirm that GrandVision’s internal audit function complies with Internal Auditing Standards.

In 2019, an external party’s assessment resulted in our internal audit generally conforming to the commonly accepted standards for professional practice, as defined in the International Professional Practice Framework of the Institute of Internal Auditors.