The Internal Audit Department in Binzagr Company reports directly to the Chairman. It performs a range of assurance and consultancy activities in all business areas. The audit department also perform investigations including the ones related to fraud. The activities of audit department are aligned with Binzagr Company’s business priorities to ensure audit recommendations are adding true value in terms of process and business improvements.
The audit team in Binzagr Company also perform surprise customer visits to verify OSA and accuracy of customer sales and market outstanding information.
The Internal Audit Department in Binzagr Company is responsible for:
• Identifying and evaluating significant exposures to risk, and contributing to the strengthening of risk management and control systems;
• Assisting the Company in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement to achieve the following conditions:
o Financial and operational information which is used for key decision making is reliable and has integrity,
o Operations are performed efficiently and achieve effective results,
o Assets are safeguarded, and all actions and decisions of the Company are in compliance with Binzagr Company policies and procedure and also to the relevant laws and regulations.
The Internal Audit issue a written report on the findings, conclusions and recommendations of the completed audits which is submitted to the Chairman, President and relevant stakeholders.