The Internal Audit is an independent unit of Latvenergo AS, which is functionally subordinate to the Audit Committee and which is designed to provide impartial and objective assurance and consultations and to increase value in order to help achieve the Group’s objectives by evaluating and improving the effectiveness of risk management, internal control and corporate governance processes. The Internal Audit complies in its operation with the International Standards for the Professional Practice of Internal Auditing, issued by the Institute of Internal Auditors. In accordance with the Standards and based on the results of the audits performed, the Internal Audit prepares and submits its overall opinion on the operational efficiency of the internal control system at Latvenergo Group and makes recommendations for its improvement on an annual basis.
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