The processes for internal control, risk assessment, control activities, information and communication, and monitoring regarding the financial reporting are designed to ensure reliable overall financial reporting and external financial statements in accordance with IFRS, applicable laws and regulations and other requirements. This process involves the Board of Directors, the Audit Committee, the Executive Management Team and all employees.
The Board has overall responsibility for establishing an effective system of internal control. The Audit Committee regularly reviews and evaluates the adequacy of the internal control framework. It monitors control deficiencies identified within the Group’s internal control environment and oversees implementation of action plans if applicable. All entities within the Group must maintain adequate internal controls. As a minimum requirement, control activities should address key risks identified within the Group. The CEO and the Executive Management Team have the ultimate responsibility for internal controls within their areas of responsibility.
Limits of responsibilities and authorities are given in the Delegation of Authority Policy, manuals, policies and procedures and codes, including the Code of Conduct, the Group Workplace Policy and the Group Anti-Corruption Policy, as well as in policies for information, finance and in the accounting manual. Together with laws and external regulations, these internal guidelines form the control environment and all Electrolux Professional employees are held accountable for compliance.