The group internal audit team of Aboitiz Equity Ventures and the resident internal teams of AboitizPower have obtained an External Quality Assessment certification from the Institute of Internal Auditors (Philippines).
The internal audit teams have been assessed to be “generally conforming” with the Definition of Internal Auditing, the International Standards for the Professional Practice of Internal Auditing (Standards) and are applying the IIA’s Code of Ethics.
An EQA certification gives evidence to the board, management and staff that the audit committee and the internal audit activity give focus on the success of the organization’s internal controls, governance, ethics and risk management processes. It helps build stakeholder confidence by documenting management’s commitment to quality and successful practices and the internal auditors’ mindset for professionalism. External QAs are necessary in order to provide full objectivity. It is also the key that enables auditors to state in their reports and in the audit charter that IA activities are “Conducted in accordance with the International Standards for the Professional Practice of Internal Auditing”.
The 2017 EQA is a re-certification for AEV GIA and first-time certification for the AboitizPower resident internal audit teams. The EQA certification is valid for a period of five years.