Prism Johnson has a robust Internal Controls framework that is commensurate with the size of its operations, geographical spread and changing risk complexity, which are impacted by varying internal and external factors.
Internal control systems comprising policies and procedures are designed to ensure sound management of the Company’s operations, safekeeping of its assets, optimal utilisation of resources, reliability of its financial information and compliance.
During 2021-22, such controls were tested and no reportable material weaknesses in the design or operation were noticed. The Company has taken various safety and quality control measures at all its premises. In addition to the in-house Internal Audit team, the Company has appointed external auditors to monitor the internal control system efficiently.
A Risk-Based Internal Audit (RBIA) programme provides assurance to the Audit Committee regarding the adequacy and effectiveness of internal controls. The Audit Committee of the Board reviews the annual internal audit plan. Significant audit observations from the independent internal auditors are presented quarterly to the Audit Committee along with the status of the management actions and the progress of the implementation of recommended remedial measures.