Monday 25 September 2017

Internal Audit

Α+ | A-

Internal Αudit is carried out by the Company’s Internal Audit Department, which is an independent function reporting to the Board’s Audit Committee.

Internal Audit’s primary role is to evaluate the checks and balances that have been put in place for all Group functions in terms of their adequacy and effectiveness. Internal Audit’s functions also include:

- monitoring implementation and compliance with the Company’s Internal Regulation, Code of Conduct, Articles of Association and applicable laws in all jurisdictions in which the Company operates;
- reporting to the Board of Directors of conflict of interest situations relating to the members of the Board of Directors or the Company’s executives towards the Company’s interests, as such situations may be identified in the context of the internal audit;
- monitoring the relationship and transactions of the Company with the related parties, per the definition outlined in the International Accounting Standard 24 as in force, as well as the audit of the Company’s dealings with companies in the capital of which members of the Board of Directors or Shareholders of the Company participate with more than 10% .

The Internal Audit Department consists of:

  1. The Greek Operations Internal Audit Department, whose duties include exercising management audits and standard operating procedures compliance audits of the Company and its subsidiaries in Greece; it is also charged with ensuring compliance with all obligations set out by the legislation regulating the Athens Stock Exchange as well as the law in general,
  2. The South-East Europe and East Mediterranean Internal Audit Department, whose duties include management auditing and standard operating procedures compliance audits of the Company’s activities in those regions,
  3. The IT Internal Audit Department, which is responsible for the audit of the IT systems used by across the Company,
  4. The USA Operations Internal Audit Department, which is responsible for the audit of the Company activities in the USA.

Report 2016