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The purpose of internal control is to ensure the effective and profitable operations of the company, sufficient and appropriate management of business risks, and reliable information. The control system is also used to monitor compliance with specified operating principles and issued instructions.
Ultimate responsibility for monitoring accounting and asset management rests with the company’s Board of Directors. The Board monitors the effectiveness of the company’s internal control. The CEO is responsible for ensuring that accounting is in compliance with the laws and that financial management is arranged in a reliable manner.
Glaston uses a Group-wide internal reporting system for monitoring business operations and asset management. The fulfilment of set targets is monitored monthly using the internal reporting system. In addition to actual figures, forecasts of the Group’s financial situation are reported quarterly.
Glaston has no separate internal auditing organisation. The Group’s auditor assesses the effectiveness of the Group’s internal control system as part of its statutory auditing of operations. In addition, Glaston gives, when necessary, separate assignments to external experts to carry out internal auditing.