A quality assessment review conducted on Globe Telecom’s internal audit team yielded the highest rating, attesting to efforts by the telecommunications company to further improve its corporate governance.
The rating given to the company confirms internal audit activities are conducted in conformity with the Institute of Internal Auditors’ International Standards, said Carmina Herbosa, Globe chief audit executive.
“Globe Telecom is strongly committed in pursuing integrity, accountability and transparency in all aspects of the business, and the external quality assessment is aimed at ensuring the company’s internal audit processes and procedures are in accordance with industry best practices,” she said.
The external quality assessment conducted by external assessor, Navarro Amper and Co., a member of Deloitte Southeast Asia Ltd., is in step with efforts to improve the organization’s operations by ensuring Globe’s approach to evaluate and improve risk management, control and corporate governance is effective, she said.
The external quality assessment involved a review of the internal audit work including reviews on company’s business, financial, network and information technology (IT) infrastructure, as well as internal audit’s participation to various transformation projects of Globe as an advisory body. This was particularly relevant in the recent implementation of the company’s network and IT modernization initiative, she said.
Globe’s internal audit team first obtained its highest rating given by the Institute of Internal Auditors-Philippines in April 2007.
Based on standards, external assessments must be conducted at least once every five years.
In June this year, Globe was recognized as one of Asia’s Outstanding Company on Corporate Governance by Corporate Governance Asia, a Hong Kong-based magazine specializing in corporate governance issues in the region.
In December last year, the telecommunications provider also bested 247 other listed companies in the country to win the first-ever Bell Award for Corporate Governance given by the Philippine Stock Exchange. The recognition follows a similar citation from Hong Kong publishing giant FinanceAsia where Globe also garnered high marks in the Best Corporate Governance category.