The Company’s Board of Directors is responsible for the principles concerning Silmäasema’s internal control. The Board has appointed from amongst its members an audit committee tasked with approving the operating instruction of internal control as well as the review of internal control plans and reports.
The target of internal control is to for instance ensure that:
- The Company operates efficiently and economically in accordance with the Company’s strategy;
- The Company’s financial reporting is reliable and timely;
- The Company complies with applicable legislation and regulations as well as the Group’s internal guidelines and rules.
The ethical operating principles approved by the Board define the basis of the Company’s control environment and the responsibility of the Company’s personnel.
The internal control framework strives to maintain balance between the business needs and the control perspective. Silmäasema’s aim is to embed internal control in daily operations. Effective internal control requires that duties are properly divided to different employees and potential risky combinations of duties are identified and eliminated. Tools for control are among others the Group-level instructions, instructions for book-keeping and reporting and personal work instructions as well as substitute arrangements. In addition, responsibilities for communications for example are clearly set.
Monitoring occurs locally in each organizational unit. On Group-level, the responsibility lies within the Finance function.
Silmäasema has no specific internal organization for internal auditing. When needed, Silmäasema works together with external service providers.
The audit committee of the Silmäasema’s Board evaluates the level of internal control once per year.