Aboitiz Power Corporation (AboitizPower), one of the country’s largest power producers, has received 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, recently assessed that AboitizPower’s Internal Audit Group (IAG) “generally conforms” to global auditing standards with an “optimizing” maturity level assessment.
“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. We thank IIA-Australia for their insightful assessment,” AboitizPower President and CEO Manny Rubio said.
In its report, IIA-Australia pointed out that the IAG is “built on solid foundations, operating professionally, and focused on building a high-performing function that meets the needs of AboitizPower.”
Furthermore, it noted that the 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 AP’s IAG as “leading” for its innovative best practices and strategic partnerships.
“This achievement is a 10-year accumulation of learnings, overcoming challenges and persistence to be a world-class internal audit organization,” AboitizPower Vice President for Internal Audit Juan Pascual Cosare shared.
According to Cosare, an internal audit facilitated by an independent third party is imperative in ensuring that AboitizPower operates within industry standards and continues to improve the efficiency and effectiveness of its risk management, control, and governance processes.
AboitizPower’s IAG provides assurance and consulting services to the company’s various strategic businesses, which include its generation and distribution groups, commercial operations, business & project development and execution as well as corporate support units.
“The AboitizPower Internal Audit team have achieved 100% conformance with the standards and a maturity rating of optimising across all standards. This is a fantastic achievement of which they should be very proud,” said IIA-Austrlia accredited assessor Kylie McRae.
