Internal control is the responsibility of management. It is a process designed to provide reasonable assurance of:
- effectiveness and efficiency of operations;
- safeguarding of the company’s tangible and intangible assets (including information);
- compliance with applicable laws, regulations and supervisory requirements;
- supporting business sustainability under normal as well as adverse operating conditions;
- reliability of reporting; and
- behaving responsibly towards all stakeholders.
The required reasonable assurance exists when all the components of management control (the control environment; risk assessment processes; control activities; information and communication systems; and monitoring activities) are present and operate effectively. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve Mintek’s operations. It helps Mintek accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve Mintek’s risk, control and governance processes.