The Board of Directors and the Chief Executive Officer are ultimately responsible for ensuring that internal controls are developed, communicated to and understood by the employees of Alimak Group AB who undertake individual control activities, and that the control activities are monitored, enforced, updated and maintained.
Managers at all levels are responsible for ensuring that internal controls are established within their own area and that these controls achieve the desired effect.
The Company had as of March 31 2015 not established a separate function for internal control. This task is performed by the Board of Directors and the Board of Directors’ Audit Committee. Moreover, at Group level, the Chief Executive Officer, global BA heads, the global head of manufacturing, the managing director of each local company and the CFO together with the Group finance department are responsible for ensuring that necessary control is performed along with adequate monitoring. The internal controls comprise the control of the Company’s and Group’s organization, procedures and remedial measures.
The object is to ensure reliable and correct financial reporting, and to ensure that the Company’s and Group’s financial reports are prepared in accordance with law and applicable accounting standards and that other requirements are complied with. The internal control system is also intended to monitor compliance with the Company’s and Group’s policies, principles and instructions as well as to ascertain that the Company’s assets and resources are exploited in a cost-effective and adequate manner. Further, internal control also involves following up on the implemented information and business system and through risk analyses.
The Group’s external auditors are also used to validate basic controls related to signatory rights and for special review projects on a case by case basis.