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INWIT Audit, the IIA international compliance exam passed with flying colours

News - 12/02/2020
The Internal Audit function of INWIT has obtained the important recognition of compliance with international standards. A confirmation of the work we are doing every day for our stakeholders and shareholders.

A milestone that represents added value for the whole company and a guarantee of quality for our work. This is the "Generally conforms" rating, the highest possible score, obtained last December by the Internal Audit function of INWIT, and that evaluates the four areas of application of the international standards to which INWIT adheres: Governance, Staff, Management and Process.

The evaluation came from the Institute of Internal Auditors (IIA), the association that promotes professional standards and guidelines in the context of global auditing. With the International Professional Practice Framework (IPPF), the IIA defines the mandatory components and, more generally, the recommended guidance of the conceptual model for the category.

"The analysis of the assessors made it possible to verify the effectiveness and efficiency of the activities carried out by the Internal Audit as a whole, for the assurance and consulting activities we carry out, and to identify further opportunities for improvement. It was a very important moment for the whole company, because it allowed us to understand how and where to intervene to make further improvements"

Laura Trucco, INWIT Audit Manager

A shared success

The Internal Auditing function of INWIT was established in 2016 and its role is to independently and objectively assess the company's internal control, risk management and governance system.

As part of the standards defined by the IIA (International Standards for the Professional Practice of Internal Auditing), to which it has chosen to adhere, the Internal Audit function of INWIT has developed a quality assessment and improvement programme aimed at ensuring compliance with the international guidelines and the Code of Ethics issued by the IIA itself.

These standards require that the assessment be carried out by a qualified and independent third party at least every 5 years. In 2019, therefore, INWIT turned to the IIA for a full external assessment, in order to certify the level of compliance attained.

The IIA assessment process involved the top management of the company, the Control Bodies (Control and Risk Committee and Board of Statutory Auditors) and the entire management of the company with wide-ranging interviews and surveys. The Audit Function, on the other hand, carried out meetings, analyses of documents and assessments of methodologies, operating procedures and systems adopted.

The result was a great achievement, one that we achieved all together, which demonstrates INWIT's intention to promote clear and transparent interaction between its employees, stakeholders and shareholders.