The Board of Directors’ and CEO’s responsibility for internal management and control is regulated in the Swedish Companies Act and the Swedish Code of Corporate Governance (the
Code).
Internal control in Gunnebo works with both preventive and auditing activities with the aim of developing internal control in the Group and monitoring how the internal control works.
The Gunnebo Group applies the framework issued by the Committee of Sponsoring Organisations of the Treadway Commission’s (COSO) to describe the internal control of financial reporting. This framework is also used to structure the self-assessment of management controls. The internal governance and control process involves the Board, Audit Committee, President, Group Executive Team and other personnel. The purpose of the process is to ensure fulfilment of the Group’s goals in terms of relevant and efficient processes, to obtain reasonable assurance with respect to the reliability of external financial reporting and to ensure that this reporting is prepared in accordance with prevailing legislation and regulations.
INTERNAL CONTROL – AN INTEGRATED PROCESS
Control does not take place on a single defined occasion; instead it is an ongoing process that requires continuous updates, support and evaluation to remain relevant at any point in time.
