The ENL Group’s internal audit function operates under a co-sourcing agreement with PricewaterhouseCoopers Ltd (PwC) and reports directly to the Audit and Risk Management Committee of ENL Limited (the “ARMC”).
As part of the group’s commitment to maintaining and strengthening best practices in corporate governance, ENL consistently seeks to enhance its internal control environment and risk management capabilities. The role of the internal audit function, governed by the Internal Audit Charter, is to enhance and protect value by providing objective assurance, advice, and insight on the effectiveness of the control environment of the group.
The ARMC approves and monitors the internal audit plan for each year, which focuses on the high risks of the group. The plan is determined by a risk-based approach in close collaboration with the group’s risk management function.
The internal audit function prepares audit reports and recommendations after which followups are performed to ensure that recommendations are implemented. These reports are presented to the ARMC each quarter including the status of management’s implementation of recommendations. For any significant issues that cannot wait the next ARMC, the Head of Internal Audit contacts the Chairman of the ARMC immediately.
Internal auditor effectiveness and independence
The ARMC reviews the effectiveness of the internal audit function on an ongoing basis. This is achieved, in part, by reviewing and discussing the reports presented to it at each meeting and setting out the function’s work and findings.
The ARMC assesses the independence of the internal audit function and are satisfied of its independence. There have been no restrictions placed over the right of access by internal audit to relevant records, management or employees.
The internal audit team is composed of one Head of Internal Audit, one Senior Internal Auditor and three Internal Auditors. All members of the team are qualified accountants and are, or in the process of becoming, Certified Internal Auditors.
