Internal Audit

Internal Audit provides Executive management and the Audit Committee with independent, objective controls assurance and consulting advice. This is designed to add value to, and improve, Unum UK’s operations. The primary role of Internal Audit is to protect the reputation and sustainability of the organization. The UK Head of Audit reports directly to the Chair of the Audit Committee to reinforce this independence.

Internal Audit helps the company accomplish its objectives through a systematic, disciplined approach to the evaluation of key controls, risk management procedures and governance processes. To achieve this, Internal Audit needs to understand the key risks of the company and evaluate the design and effectiveness of risk management systems and internal controls.

Internal Audit’s schedule of work is set out in an Audit Plan that is approved annually by the Audit Committee. It uses a comprehensive, top-down and bottom-up assessment of risks. Internal Audit communicates the results of reviews by delivering audit reports setting out control findings and agreed management action plans.

The Audit Committee independently reviews and challenges the decisions of the company’s executive, which ensures the shareholders’ interests regarding financial reporting and internal controls are properly protected.