Annual Report 2018

Internal Audit

The GrandVision Internal Audit function leads the internal audits and collaborates closely with other Group departments including risk management. The scope of

internal auditing encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the organization's governance, risk management, and internal controls (based on the minimum internal control standards), as well as the quality of performance in carrying out assigned responsibilities to achieve the organization’s stated goals and objectives. Observations and recommendations are discussed and agreed with local management before final reports are shared with the Management Board and Audit Committee. The progress of audit findings is monitored by the risk management function based on a quarterly status update provided by the auditee.

Continuous evaluation of the internal audit function takes place through stakeholder evaluation forms completed by the auditee and other functions involved in the audit process.

In addition, an externally performed Quality Assurance assessment takes place on a five-year basis to support and confirm GrandVision’s ambition to have an internal audit function in compliance with the Internal Auditing Standards.