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Business

AboitizPower bags highest rating for internal auditing

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Aboitiz Power Corp. has secured the highest possible rating from an internationally recognized group for the efficiency, effectiveness, and conformance to global standards of its internal auditing processes.

The Institute of Internal Auditors-Australia (IIA-Australia), a leading body which represents more than 200,000 members in 170 countries, has found that AboitizPower’s internal audit group (IAG) “generally conforms” to global auditing standards with an “optimizing” maturity level assessment.

“The AboitizPower Internal Audit team has achieved 100 percent conformance with the standards and a maturity rating of optimizing across all standards,” IIA-Austrlia accredited assessor Kylie McRae said.

In its report, IIA-Australia said the IAG is “built on solid foundations, operating professionally, and focused on building a high-performing function that meets the needs of AboitizPower.”

It also said that  IAG continues to seek and implement ways to improve, especially with regard to its charter, quality assurance and improvement, as well as internal audit resourcing.

In its maturity assessment, IIA-Australia described IAG as “leading” for its innovative best practices and strategic partnerships.

“We value feedback from external parties because this provides us with crucial perspectives on how we can do better. This recognition is a testament to our commitment to the highest of standards,” AboitizPower president and CEO Manny Rubio said.

AboitizPower vice president for internal audit Juan Pascual Cosare said an internal audit facilitated by an independent third party is imperative in ensuring that the company operates within industry standards and continues to improve the efficiency and effectiveness of its risk management, control, and governance processes.

IAG provides assurance and consulting services to the company’s various strategic businesses, which include its  generation and distribution groups, commercial operations, business and project development and execution, as well as corporate support units.

“This achievement is a 10-year accumulation of learnings, overcoming challenges and persistence to be a world-class internal audit organization,” Cosare said.

AboitizPower serves as the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.

It is one of the largest power producers in the country with a balanced portfolio of assets located nationwide.

ABOITIZ

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