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Internal Audit and Compliance

The Internal Audit and Compliance division is constantly working to improve its core values and to be a reliable partner to the Company’s management to achieve the goals set out by the board.

The division has set its six-year 2013 – 2018 Audit Plan, placing a schedule of prioritized audit work based on a company-wide risk assessment. The audit plan for the period in review has been fully implemented with follow-up to ensure completeness is continuously implemented. A status report on the progress made in implementing the audit plan was drafted, containing updates on audit findings that have been submitted to and adopted by the management. The report provides an overview on implementation of action plan in resolving audit findings for period in review.

During the current year 2017, GWC’s internal auditing function generally used the sampling and population audit (Population Audit for cash and receivables) approach, this approach is actually designed to support an annual assessment of the adequacy of the company’s systems of internal controls

During the same year 2017, the Division has acquired AuditBot, a SAP partnered Segregation of Duty (SOD) Analyzer, which ensures that SAP users access is appropriately given and free from segregation conflict.

Board Oversight Committees: The Internal Audit and Compliance division works closely with the company’s Board Oversight Committees to ensure proper adherence to policies and strategies throughout the organization. The duties of these committees are expanded upon in the Corporate Governance Report. The Board Oversight Committees include the following: