Internal Audit and Investigations Group

The summary of the audit work performed is provided in the body of the annual report, essentially under section V. [...] The distribution of 2020 audit results regarding the adequacy and effectiveness of the governance, risk management and control (GRC) at the audited entity level is included in annex 2. [...] Figures 5 and 6 in the IAIG annual activity report shows the distribution of the number of project audit reports that were issued by IAIG in 2020. [...] In addition to the criteria above on the audit ratings for individual audits, the below quantitative and qualitative data was considered as part of forming the overall opinion for 2020: a) For project financial audits in 2020, no project audit reports with a qualified opinion were issued (one in 2019)4; b) For project internal control reports, the financial impact of audit observations was $255,06. [...] Based on the scope of work undertaken in 2020, in IAIG’s opinion, the adequacy and effectiveness of the governance, risk management and control in the reports issued in 2020 were, in aggregate, “partially satisfactory (some improvement needed)”.