The basic objective of the Internal Audit Department is to attest the proper and effective operation of the company; to verify that the company’s productive resources are efficiently used and safeguarded; and to inform Management accordingly.

The audit procedures and programs that are used have been defined according to company’s business objectives; risk management assessment; as well as policies and procedures arising from either the legislation in force or the company’s Internal Operating Regulations.

The Internal Auditor examines and evaluates the adequacy and effectiveness of the company’s internal control systems, as well as that of other policies and systems established by the company.

The Internal Auditor is independent, does not belong to any other business unit of the company and is supervised by the Internal Audit Committee. Two independent non-executive members of the Board of Directors and one non-executive member participate in the Internal Audit Committee.

The Internal Audit Department submits periodically (in time intervals of maximum three months) written reports to the Board of Directors containing the most significant conclusions, appraisals and recommendations arising from the audits performed.

The Internal Auditor has unrestricted access to all books, documents, data, activities and plants of the company, necessary to conduct a reliable audit.

The Board of Directors of our company, supporting the significance of the Internal Audit Department, has instructed all the executives and personnel to assist the Internal Auditor in his duties by supplying all relevant documents and information requested.

Finally, after the completion of each audit, the Internal Auditor, in cooperation with the Management of the company, is responsible to define the corrective actions that are necessary to best accomplish the company’s business objectives. Each action has to be implemented within a certain time frame, defined in cooperation with the Management of the company.

E-mail: internal_audit@sidma.gr