164 INTERNAL AUDIT FUNCTION 5IF (SPVQ IBT FOHBHFE 7BFSTB BO PVUTPVSDFE JOUFSOBM BVEJU TFSWJDF QSPWJEFS UP DPNQMFNFOU UIF FGGPSUT PG PVS in-house internal audit team in carrying out internal audit functions. Vaersa’s involvement ensures an independent evaluation of the effectiveness and adequacy of the Group’s internal control system. This dual approach provides UIF 3.$ "$ BOE #PBSE XJUI SFBTPOBCMF BTTVSBODF SFHBSEJOH UIF BEFRVBDZ PG UIF JOUFSOBM BVEJU GVODUJPO T TDPQF PQFSBUJPOT BOE SFTPVSDFT BT XFMM BT UIF FGGFDUJWFOFTT PG JOUFSOBM DPOUSPMT The adequacy and effectiveness of internal controls established by the Management to mitigate risks are regularly BTTFTTFE UISPVHI DPNQSFIFOTJWF NFBTVSFT 5IFTF JODMVEF JOUFSWJFXT BOE EJTDVTTJPOT XJUI LFZ NBOBHFNFOU TUBGG UIPSPVHI SFWJFXT PG FTUBCMJTIFE QPMJDJFT QSPDFEVSFT BOE BVUIPSJUZ MJNJUT BT XFMM BT PCTFSWBUJPO BOE UFTUJOH PG UIF JOUFSOBM DPOUSPMT PO B TBNQMF CBTJT 5IF SFTVMUT PG UIFTF JOUFSOBM BVEJU SFWJFXT JODMVEJOH BDUJPO QMBOT UP BEESFTT JEFOUJàFE XFBLOFTTFT BOE SFDPNNFOEBUJPOT GPS FOIBODFNFOUT BSF SFQPSUFE UP UIF "$ XIP UIFO QSPWJEFT B EFUBJMFE report to the Board. %VSJOH UIF ': JOUFSOBM BVEJU XPSLT XFSF DPOEVDUFE JO BDDPSEBODF XJUI UIF SJTL BTTFTTNFOU PVUMJOFE JO UIF internal audit plan. Which was reviewed and approved by the AC. The scope of business process audits included 0QFSBUJPO .BOBHFNFOU #FMJ .BSU 4EO #IE "ENJO %FQBSUNFOU 0QFSBUJPO .BOBHFNFOU &4$ )FMQEFTL %FQBSUNFOU BOE .BOBHFNFOU PG *OGPSNBUJPO 4ZTUFN 6QPO DPNQMFUJPO PG UIF BVEJUT UIF àOEJOHT XFSF EJTDVTTFE XJUI 4FOJPS .BOBHFNFOU BOE UIF BVEJU SFTVMUT BMPOH XJUI SFDPNNFOEBUJPOT GPS JNQSPWFNFOU XFSF QSFTFOUFE UP UIF "$ during quarterly meetings. #BTFE PO UIF JOUFSOBM BVEJU SFWJFXT DPOEVDUFE OP TJHOJàDBOU XFBLOFTTFT XFSF JEFOUJàFE UIBU SFTVMUFE JO NBUFSJBM MPTTFT DPOUJOHFODJFT PS VODFSUBJOUJFT UIBU SFRVJSF TFQBSBUF EJTDMPTVSF JO UIJT SFQPSU 5IF UPUBM DPTUT JODVSSFE GPS UIF JOUFSOBM BVEJU GVODUJPO GPS ': BNPVOUFE UP BQQSPYJNBUFMZ 3. 7BFSTB FOHBHFE JO EJTDVTTJPO XJUI UIF "$ PO 'FCSVBSZ .BZ BOE "VHVTU 5IFTF NFFUJOHT were conducted both with and without the presence of executive Board members and Senior Management to address audit related matters. OTHER KEY ELEMENTS OF INTERNAL CONTROLS The following are the key elements of the Group’s internal control systems: i. Quarterly review of the financial performance: 5IF "$ BOE UIF #PBSE DPOEVDU RVBSUFSMZ SFWJFXT PG UIF (SPVQ T àOBODJBM QFSGPSNBODF UP FOTVSF USBOTQBSFODZ BDDVSBDZ BOE BMJHONFOU XJUI TUSBUFHJD PCKFDUJWFT ii. Clearly defined reporting and responsibility structures: 5IF (SPVQ NBJOUBJOT XFMM EFàOFE MJOFT PG SFQPSUJOH BOE SFTQPOTJCJMJUZ FOTVSJOH BDDPVOUBCJMJUZ BOE FGGFDUJWF DPNNVOJDBUJPO BDSPTT BMM MFWFMT PG UIF PSHBOJ[BUJPO iii. Operations review meetings: 3FHVMBS PQFSBUJPOT SFWJFX NFFUJOHT BSF IFME UP NPOJUPS UIF QSPHSFTT PG CVTJOFTT PQFSBUJPOT BEESFTT TJHOJàDBOU JTTVFT BOE JNQMFNFOU DPSSFDUJWF NFBTVSFT JO B UJNFMZ NBOOFS iv. Documented internal policies: Internal policies are formally documented and distributed across various departments through memorandums. These policies clear guidance on operational procedures and compliance requirements. v. Whistle Blowing Policy: The Group has implemented a Whistleblowing Policy that offers employees a secure and confidential platform UP SFQPSU TVTQFDUFE NBMQSBDUJDFT NJTDPOEVDU PS WJPMBUJPOT PG DPNQBOZ QPMJDJFT BOE SFHVMBUJPOT 5IJT JOJUJBUJWF promotes a culture of transparency and accountability within the Group. RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT (cont’d)
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