The Group’s internal audit function is responsible for providing independent, objective assurance to the Board regarding the implementation, operation and effectiveness of internal control systems, risk management and governance of the Group. The objective is to ascertain the extent of compliance with procedures, policies, regulations and legislation, using a risk-based approach, and to recommend improvements in control, performance and productivity within the Group. The Audit and Risk Committee monitors the independence and the objectivity of the internal audit function.
The Board relies on the internal and external audit functions to report on any weaknesses in processes and internal control systems and to make recommendations via the Audit and Risk Committee. The objective is to ensure the effective and efficient use of available resources and ascertain the accuracy of information used in the preparation of financial statements. No restrictions are placed over the right of access by the internal auditor to the records, the management and/or the employees of the Group.
Ernst & Young (‘EY’) was appointed in May 2024 to conduct the internal audit function within the Group. During the year, EY conducted targeted reviews across key business units, with findings reported to the Audit and Risk Committee on a quarterly basis.
In the first quarter, a Revenue, Collection, and Cash Handling Review was completed for UBP. It was followed in the second quarter by an Inventory Management and Security Review at Drymix and by the Nursery and Diversification Review at Cie de Gros Cailloux in the third quarter.
These internal audit assignments provided critical insights into core operational areas. While controls were found to be generally satisfactory, recommendations were made to further strengthen internal controls, enhance process efficiency, and ensure continued regulatory compliance across the Group.
The Audit and Risk Committee continues to oversee the timely implementation of management action plans arising from these reviews, ensuring the recommended improvements are fully addressed and integrated into day-to-day operations.