In order to ensure a transparent and efficient operation of the LTG Group and an adequate internal control system, the LTG Group has established a centralised Internal Audit Unit. LTG Group’s internal audit functions as a third line.

The unit reports directly to the LTG Board, which approves the appointment and dismissal of the unit head, the job description of the head, and confirms the remuneration, thus ensuring the independence and objectivity of internal audit and facilitating the identification of weaknesses in performance and the identification of areas for improving efficiency. The LTG Board also approves the annual Internal Audit plan and the annual budget (as part of the overall LTG Group budget).

Purpose of internal audit – to strengthen the organization’s ability to create, protect, and sustain value by providing the LTG board and Executive-Level Management with independent, risk-based, and objective assurance, advice, insight and foresight. Internal audit shall be proactive, professional, and helpful advisor to the governing bodies of LTG Corporate Group and Executive Level Management.

The internal audit function is organized in accordance with the ethical and professional principles outlined in the Global Internal Audit Standards: demonstrate integrity, maintain objectivity, apply the knowledge, skills and abilities, exercise due professional care, maintain confidentiality. The Unit’s employees carry out internal audits, provide advisory services, and regularly monitor the implementation of recommendations and the correction of other internal control weaknesses identified by external auditors and supervisory authorities.