Internal Audit

Internal Audit

The Internal Audit function provides an independent and objective opinion on the adequacy and effectiveness of the Company’s systems for risk management, internal control, and governance together with recommendations to improve those systems.

The function operates independently of management, under a mandate approved by, and kept under review by, the Board Audit & Risk Committee.

Risk Based Internal Audit Plan

A risk-based approach is used to identify, prioritise, and focus on internal audit activities at PWP. The annual audit plan is presented to the Board Audit & RiskCommittee for approval.

The Audit Committee meets the internal auditors to discuss the results of the quarterly internal audit.

Internal Audit Follow up Process

Subsequent to the issue of the final audit report, follow-up activity will occur depending on the target date of the findings. Internal Audit will perform a follow up on quarterly basis. The purpose of this follow up activity will be to verify rectification actions initiated, in progress or completed by the management towards addressing and closing the reported findings.

Alternatively, the Management may send their updates as and when appropriate rectification action has been initiated and/or completed towards addressing the reported findings. Consequently, Internal Audit will update its records accordingly.