Internal Audit

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GrandTech's Internal Audit function is an independent unit that reports directly to the Board of Directors.
Other than informing the Board during its ordinary meetings, it briefs the Chairman, the Board Audit Committee, and the CEO on a monthly basis or as needed.
The charter of Internal Audit is to review the internal controls in the company's processes and to report on those controls with respect to the adequacy, effectiveness, efficiency of their design, as well as the actual functions on day-to-day basis. All parts of the company and its subsidiaries are open for review by Internal Audit.
The majority of the audit work is executed according to an annual plan, which needs to be approved by the Board of Directors. Such plan will take into account risks that have been identified. Special audits or reviews are conducted as needed. The combination of the regular audits and the special projects provide management with feedback on the functioning of the internal control system; it gives management an additional channel to learn about existing or possible future weaknesses in the system, and addresses them in a timely manner. The company supplements the review activities by Internal Audit with documented self-assessments by the departments and operational units. Internal Audit confirms that these activities do take place, and reviews the submissions to ensure the quality of the process; it then consolidates the results of the self-assessments for the CEO and the Board of Directors.