An internal audit system is defined as the set of rules and procedures that the Company applies for the prevention and suppression of functions and procedures at all levels of the hierarchy and its organizational structure in order to ensure:

  • The legitimacy and security of management and transactions
  • The accuracy and reliability of the published financial statements and any other financial information and communication
  • The efficiency of the operating systems and the operations of the Company.

The Board of Directors utilizes the internal audit system as a tool to protect Company assets, to assess the emerging risks from its various operations and to provide accurate and comprehensive information to the shareholders about the Company's actual standing and prospects and the ways to address the identified risks.

In order to implement the above, the Board of Directors. defines the operating framework of the internal audit, approves the procedures for conducting and evaluating its results and decides on its staffing, complying with the requirements of the applicable legal and institutional framework as well as the Corporate Governance Code. It establishes a special internal audit unit that is independent, does not belong hierarchically in any other organizational unit and is supervised by the Company's Audit Committee.

With the contribution of the Audit Committee, the Board of Directors assesses the adequacy and efficiency of the internal audit unit and the extent to which its reports are fully utilized, in order to continuously improve the Company's operations at all levels and to effectively manage business risks. The Audit Committee also maintains direct and regular contact with the legal auditors so as to be systematically informed on the adequacy and reliability of the operation of the internal audit and risk management systems as well as on the accuracy and reliability of the financial information.