nuotrauka

Tomas Radėnas

Head of Internal Audit of AB Lietuvos geležinkeliai

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 appoints and dismisses the head of the unit, approves his/her duties, and approves his/her 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).

The purpose of the Internal Audit function is to provide independent, objective assurance and advisory services that contribute to the preservation and enhancement of the value of the LTG Group of companies through the provision of risk-based assurance services, advice (consultancy) and insights. Internal Audit must provide a proactive, professional and valuable advise to the Governing Bodies of the LTG Group and to Senior Management.

The Internal Audit function is organised in accordance with the fundamental principles set out in the International Standards for the Professional Practice of Internal Auditing: transparency, competence and professional diligence, objectivity, independence and freedom from undue influence and integrity. The Unit’s employees carry out internal audits and regularly monitor the implementation of recommendations and the correction of other internal control weaknesses identified by external auditors and supervisory authorities.

A comprehensive external evaluation of the Internal Audit function was carried out in 2022. The evaluation report concludes that LTG’s Internal Audit generally complies with the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics.