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UBP INTEGRATED REPORT 2022
INTRODUCTION ABOUT US MANAGEMENT APPROACH
CORPORATE GOVERNANCE REPORT
8. AUDIT (CONTINUED)
Internal Audit
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 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 and to make recommendations via the Audit Committee and as relevant, via the Risk Monitoring 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.
Further to the assessment of their expertise and independence, Messrs BDO & Co. were engaged last year to conduct the internal audit of the Group. The methodology used was based on the selection of specific business cycles,
the identification of inherent risks, the verification of key controls in place in view of eliminating or reducing the risks to an acceptable level, the verification of the said controls to ensure they are operating satisfactorily, the performance of walk-through tests on procedures and processes and the formulation of necessary recommendations
The report issued by the internal auditor during the year relates to the purchase and inventory management of Espace Maison Ltée only. At the time of writing, a report on Pre-Mixed Concrete Limited is being finalised.
Furthermore, in view of strengthening the Group’s Internal Audit Framework, the recruitment of an internal auditor is underway.
This year again, no financial issues were identified which would materially affect the figures reported in the financial statements. The recommendations are gradually being implemented by management under the close follow-up of the internal auditor.
9. RELATIONS WITH SHAREHOLDERS AND OTHER KEY STAKEHOLDERS
Key Stakeholders of the Group
In line with its values, the Company fully engages itself towards responding to its different stakeholders’ expectations and taking on board their interests in the decision-making process.