Essentra has a well-established Internal Audit function, which sits within Group Assurance to monitor and review material controls such as financial, operational and compliance controls. The ARC is required to assist the Board in fulfilling its responsibilities for ensuring the capability of the Group Assurance function and the adequacy of its resourcing and plans. The ARC, and the Board, are committed to a prioritised and structured internal audit programme to drive improvements in the Company’s internal control systems. Group Assurance assists the Company in accomplishing its objectives by bringing a systematic and disciplined approach to the evaluation, assurance and improvement in the effectiveness of the organisation’s risk management, internal control and governance processes. In order to achieve this the ARC reviews:
As the year unfolded it became evident the original internal audit plan would not be able to be carried out due to the impact of COVID-19. A revised schedule was put in place for H2 that focused on key risk areas to the business and the ARC ensured the plan remained robust and relevant as well as being achievable despite the necessary change to remote audit practices and different ways of working. The ARC has approved an internal audit plan for 2021 which provides a significant increase in activity, with additional investment in internal resource and co-source arrangements to ensure the delivery of an extensive programme of assurance despite the potential ongoing impacts of COVID-19. The Group Assurance team continues to adapt its audit approach and methodologies to take account of the new best practice which are emerging.