Auditing forms an integral part of our corporate governance. Both internal and external auditors have key roles to play by providing an independent assessment of the corporation's operations and internal controls. The internal audit performs an independent and objective assurance and consulting function that is designed to add value to Virgin Gold’s global operations. Using a systematic and disciplined approach, the Internal Audit team evaluates and enhances the effectiveness of the corporation's risk management, control and governance processes. The Internal Audit team is responsible for carrying out periodic audits in line with the auditing regulations approved by the Audit Committee. It regularly and independently assesses the risk exposure of Virgin Gold’s business activities, taking into account industry trends, strategic and organizational decisions, best practice and regulatory matters. Based on the results of its assessment, the Internal Audit team then develops detailed annual audit objectives, defining areas of focus and specifying resource requirements for approval by the Audit Committee. As part of its efforts to achieve best practice, the Internal Audit team regularly benchmarks its methods and tools against those of its peers. In addition, it submits periodic internal reports and summaries to the management teams as well as to the Chairman of the Board and the Chairman of the Audit Committee. The Chief Auditing Officer reports to the Audit Committee at least quarterly and more frequently as appropriate. The Internal Audit team coordinates its operations with those of the external auditor for maximum effect.
