Page 28 - Aygaz-Sustainability-Report-2021
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26 CORPORATE GOVERNANCE AND BUSINESS ETHICS
In 2021, the Internal and legal risks encountered due to system to provide sufficient assurance
Audit Department the nature of the industry, the risks regarding the efficiency of operations
started to work on are managed -within the framework and the financial reporting system’s
compliance with applicable regulations.
of corporate risk management- with
adapting to the a systematic approach. Implementing The internal control system refers to all
changing conditions these processes across the organization controls such as standard definitions
due to the pandemic and making them a part of corporate included in financial transactions,
that took hold of the culture are essential in terms of reports and workflows, job descriptions,
business operations. With effective risk
authorization/ approval system, policies,
world and Turkey and monitoring, we prioritize these risks and written procedures.
utilizing resources according to their potential impact and
efficiently. manage them accurately. The internal control system is regularly
reviewed and audited by the Internal
More information on risk management Audit Department, which performs
can be found in the 2021 Aygaz Annual its duties under the supervision of
Report. the General Manager. The mission of
the Internal Audit Department is to
Risk Management Committee provide risk-based recommendations,
Risk Management Committee was projections and determinations to
formed pursuant to Article 378 of the the General Manager with objective
Turkish Commercial Code No. 6102 assurance, thereby protecting and
and the Capital Markets Board’s (CMB) enhancing corporate value.
Corporate Governance Communiqué
to ensure effective functioning of the In 2021, the Internal Audit Department
Board committees. The committee started to work on adapting to the
carries out activities for early changing conditions due to the
detection and effective management pandemic that took hold of the world
of risks that may jeopardize the and Turkey and utilizing resources
company’s existence, development efficiently. Accordingly, the department
and continuity, taking necessary remained in active communication
measures against these risks and with divisions through physical and
managing risks. online audits and managed this process
effectively. As usual, the company’s
The committee, which convened terminals, plants and distribution
eight times in 2021, assesses the risk facilities across Turkey underwent
management process at Aygaz and the routine and/or necessary financial and
principles and data of risk reporting, operational inspections throughout
evaluates the periodical reports 2021. The department also continues to
prepared within this scope, and offers provide support as Aygaz subsidiaries
recommendations regarding the design their processes and takes an
necessary measures against the issues active role in the planned activities.
that do not comply with the limits
defined in the risk management process. The Internal Audit Department conducts
The reports and committee assessments audits in areas that have room for
are presented to the Board of Directors. improvement or are considered risky
and reports its findings to the executive
Internal Control System and Internal management. The department also
Audits follows up the action plans related to
Aygaz has an effective internal control the issues and complaints reported
