Internal Audit
Fortum’s Internal Audit is an independent and objective assurance function providing a disciplined and systematic approach to examining and evaluating the appropriateness and effectiveness of Fortum’s management and corporate governance processes, internal control system, risk management, and operational processes.
The purpose of the Internal Audit function is to provide independent and objective assurance, designed to improve Fortum Group’s operations. Internal audit provides a disciplined and systematic approach in examining and evaluating the appropriateness and effectiveness of the Group’s management and corporate governance processes, the internal control system, risk management, and operational processes. The operating principles of internal audit are defined in the Internal Audit Charter, approved by the Audit and Risk Committee of the Board of Directors.
Internal audit assignments are conducted in accordance with a risk and assurance based annual plan approved by the Audit and Risk Committee of Board of Directors and focusing on the key risks and core processes in Fortum operations.
The internal audit reports functionally to the Audit and Risk Committee, and administratively to the Fortum Chief Financial Officer. It reports on the results of the conducted audits, related findings and recommendations to the responsible business unit, area and function management for corrective actions. A summary of the audit results and the status of the management’s implementation of the agreed corrective actions to address the findings identified in the audits are regularly reported to the Audit and Risk Committee and the Fortum Leadership Team. All audit reports are also provided to the external auditor.
The Internal Audit function cooperates regularly with the Group’s other assurance functions, such as Risk, Internal Control, Compliance and Ethics, Safety and Security.