Internal Audit
Unum UK’s Internal Audit Team act as trusted advisers to the business. As part of the wider international Unum Group, Internal Audit has a vital part to play in ensuring Unum can achieve its purpose and strategy.
Why does Internal Audit Exist?
Internal Audit provides our Executive Committee (ExCo) and the Audit Committee with independent, objective controls and consulting advice. This is designed to add value to, and improve, Unum UK’s operations.
What does Internal Audit do?
The primary role of Internal Audit is to protect the reputation and sustainability of the organisation. 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.
How does Internal Audit work?
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 executives, which ensures that shareholders’ interests regarding financial reporting and internal controls are properly protected.
Read Audit Charter