The objective of internal control is to provide reasonable assurance concerning the achievement of the company’s objectives with regard to the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations.
The Board of Directors is responsible for ensuring that the accounting, reporting and financial management of the Company have been arranged in a reliable manner. The Board of Directors monitors the business operations and the realization of the targets of the Company by regular monthly reporting as well as separate reporting when necessary. The Managing Director, other members of the Management Team and the management of the business units ensure that the accounting and governance in their sphere of responsibilities comply with the laws, other regulations as well as Group operating principles and instructions. The duties and responsibilities of the Board of Directors and Managing Director are set forth in the Finnish Companies Act.
Internal audit
The Group does not at present have an internal audit function as the Board of Directors do not consider that the scale of Salcomp’s operations warrants the establishment of a separate internal audit function. The Board of Directors assesses the status of internal control at least once a year.