Internal control concerning financial reporting
Internal control, both for financial reporting and in general, is based on a control environment that includes the organizational structure, decision-making channels, authorization, and responsibilities documented and communicated in steering documents, such as the Group’s Code of Conduct, the delegation of duties between the Board and the Chief Executive Officer, and instructions for authorization, accounting and reporting. The risks identified concerning financial reporting are managed by the Group’s control structure.
Steering documents have been distributed to the appropriate staff to support complete and correct financial reporting. Follow-up of efficiency and compliance is conducted through programmed controls and manual procedures. All reporting is done in the Group’s common reporting system.
The Group management conducts regular reviews of the subsidiaries’ performance and growth. The financial review of their operations is an important part of this process. There is also active participation in the Boards of the subsidiaries, at which financial reporting as well as feedback on sustainable development and risk management are reviewed.
The Board of Wall to Wall Group receives monthly financial reports and the Group’s financial situation is discussed at every Board meeting.
A review of the Group’s internal control of essential processes has been carried out. Most of the companies have presented a self-assessment concerning the reliability of their procedures. The inadequacies that were noted did not affect the reliability of control over reporting, but necessary measures are being taken. This is followed up throughout the year.