Our on-going efforts to increase compliance levels in our manufacturing units made us see the need to create an Internal Audit team within our organization. This team works independently and provides an unbiased and objective insight into existing compliance levels in our manufacturing base. The Internal Audit function performs detailed risk assessments based on the local laws requirements and our clients ‘ requirements and provides guidance on ways to mitigate and manage the identified risks. It serves as a catalyst for improving the organization’s social compliance levels, internal management controls and risk management.
Our Internal Audit team has an annual audit plan for each one of our manufacturing locations. The team first performs an initial risk assessment by collating and analysing historical data. Once the audit is completed, the team works with the factory management to create an effective corrective and preventive action plan after performing a detailed root cause analyses. Progress is monitored at regular intervals to ensure that the actions plans are sustained.