ESB internal controls

Internal controls are processes designed to provide reasonable assurance that risks are appropriately managed and objectives achieved. These objectives include effective, efficient and economic management of ESB's operations, reliable and accurate information, protection of assets and compliance with ESB policy and external laws and regulations

In short, internal controls ensure the right things are done, for the right reasons, the right way, at the right time. Therefore, internal controls may be in the form of policies, procedures, operational guidelines and instructions, information systems, monitoring and reporting processes, etc.

Who is responsible?

It is line management's responsibility to establish and maintain effective internal controls and to ensure they are implemented.

Group Internal Audit is responsible for reviewing the management of risk and the adequacy of existing controls across ESB. The Department makes recommendations and agrees actions with management on how to enhance controls where deemed necessary. Management are then responsible for implementing agreed actions in an appropriate manner.

How do they affect me?

Because many internal controls are built into policies, procedures and instructions, etc., they affect each of us in how we do our work on a daily basis. In some instances, specific job positions and/or job responsibilities are a function of internal controls in themselves. In addition, internal controls affect each of us as they create certain obligations. They obligate us to follow policies and procedures, to understand the relevance and importance of controls and to report inadequacies or known violations of ESB policies and procedures.