The Board of Directors of the Company has always strived to adopt best practices in managing the affairs of the company and in providing policy guidelines. An Internal Audit Committee is in operation to look after the affairs of the Internal Audit department.

To ensure Good Corporate Governance, ICL has established ,over a period of time, an internal audit department comprising unique blend of professionals like Chartered Accountants (ACA), Association of Chartered Certified Accountants (ACCA), and Masters in Business Administration (MBA) along with old staff having experience of 30 years plus.

The mission of the internal audit department is to provide independent and objective assurance, designed to add value and improve the operations of the organization. It helps the organization accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The scope of work of internal audit department is to determine whether the organization’s network of risk management, controls and governance processes, as designed and represented by management, is adequate and is functioning to ensure compliances with all policies, procedures and regulations.

To provide independence to the internal audit department, its personnel report to the Head of Internal Audit department, who reports functionally to the Audit Committee and administratively to the Chief Executive Officer. The internal audit function is accountable to the audit committee.

An annual audit plan prepared by applying risk-based approach, approved by an internal audit committee, is in operation. A quarterly internal audit report, supplemented by inter- office memos issued to the process owners regarding controls grey areas highlighted during different audit works, is being issued to Chairman and Chief Executive Officer for appropriate action.

Management is responsible for ensuring timely corrective measures keeping in view the audit findings, related root causes of audit findings, recommendations and action plans communicated through inter-office memos by the internal audit department.