Internal audit’s mission is to provide independent, objective assurance on Citycon’s operations and assist the Group in accomplishing its objectives by bringing a systematic, disciplined approach in evaluating and improving the effectiveness of risk management, control and governance processes. Internal auditing is guided by the Internal Audit Charter approved by the Board’s Audit and Governance Committee.
The scope of internal audit work is based on the internal audit plan, approved annually by the Audit and Governance Committee. CEO is responsible for organizing the Internal Audit function in the Citycon Group and for ensuring that internal audits are performed according to the Internal Audit Charter, Annual Audit Plan and resolutions of the Audit and Governance Committee. The internal audit results are reported to the Audit and Governance Committee and CEO.
The internal audit is organized by co-sourcing. The co-sourcing resources are provided by an outside service provider selected and approved by the Audit and Governance Committee. The planned internal audits conducted in 2014 included shopping center maintenance income and expense process audits and follow up of previous year audits.