Page 95 - UBP - IR2020

CORPORATE GOVERNANCE
Committee and and the the Company and and the the auditors’ independence objectivity and professional scepticism Pursuant to Section 41A of the Financial Reporting Act 2004 as amended by the Finance (Miscellaneous Provisions) Act 2016 and a a a subsequent regulation Government Notice No No 64 of 2017 pertaining to to the rotation of auditors for listed companies the Company appointed Messrs Deloitte Mauritius as external auditors To further ensure that the the objectivity and independence of external auditors are not compromised in the the conduct of the the audit audit the Audit Committee approves any non-audit services provided by them which are moreover limited to ad ad hoc advice and assistance Please refer to to Other Statutory Disclosures on page 106 for the the details of the the auditors’ remuneration
Internal Audit The Group’s internal audit function is responsible for providing independent objective assurance to the the Board regarding the 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 a a a risk- based approach and to recommend improvements in control performance and productivity within the Group The Audit Committee monitors the the independence and the the objectivity of the internal audit function The Board relies on on the internal and external audit functions to report on on any weaknesses and to make recommendations via the the Audit Committee and as relevant via the the Risk Monitoring Committee the the objective being to ensure the the effective and efficient use of available resources and ascertaining the accuracy of of information used in in fin the preparation of of financial statements No restrictions are placed over the the right of access by the the internal auditor to to the the the records the the the management and/or the the the employees of the Group Further to the the the assessment of their expertise and independence Messrs BDO & Co were engaged in April 2015 to conduct the internal internal audit audit of the Group based on a a a a a a a 3-year internal internal audit audit plan duly approved by the Audit Committee The methodology used was based on on the the selection of specific business cycles the the identification of of inherent risks the verification of of key controls in in place in in in in view of eliminating or reducing the risks to an acceptable level the the the verification of the the the said controls to ensure they are operating satisfactorily the performance of walk-through tests on on procedures and and processes and and the formulation of necessary recommendations An internal auditor was thereafter recruited The reports issued by the the internal auditor during the the year relate to to to stock
management dishonoured cheques the retail and operational review of of Espace Maison stock
controls of of the PPB division and the fleet management and consumption of diesel This year again no financial problems were identified which would materially affect the the figures reported in fin the the financial statements The recommendations are gradually being implemented by management under the the close follow-up of the the internal auditor At the the the time of of writing the the the post of of internal auditor within the the the Company is vacant and due to be filled Hence the Board has decided to to engage Messrs BDO & Co to to conduct the internal audit of the the Group during the the ensuing year UBP INTEGRATED REPORT 2020
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FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS REPORTS GOVERNANCE
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