Internal Audit is an independent, auditing and advisory activity, designed to add value to the OTE Group’s operations by helping accomplish objective corporate goals through a systematic, scientific approach, which aims to improve the efficiency of procedures across the Group’s range of activities.
The OTE Group has established an Internal Audit Department in the form of an independent administrative unit which reports directly to the Board and is supervised by the Audit Committee. The operation of the OTE Group’s Internal Audit Department is governed by the provisions of the legislative framework (as set out in Law 3016/2002 and its amendments in force) and is in compliance with the International Standard for the Professional Practice of Internal Audit (IPPF) of the Institute of Internal Auditors (www.theiia.org).
The company’s ordinary audit is carried out by certified public accountants. To this end, each year the General Meeting of Shareholders elects a company or consortium of auditors, who monitor the OTE Group’s accounting and management status during the fiscal year for which they will perform their audit.
OTE’s Ordinary General Meeting of Shareholders held in June 2019, approved assignment of the ordinary audit of the 2019 financial statements to the auditing firm “PricewaterhouseCoopers (PwC) Auditing Company S.A.”