In order to maintain good internal control, the board has prepared several governing documents, including rules of procedure for the board, instructions for the president, instructions for financial reporting, a financial policy and a communication policy.
The board has also established an audit committee that is primarily responsible for monitoring and quality-assuring the Company’s financial statements, keeping in touch with the Company’s external auditor on a continuous basis, monitoring the effectiveness of the Company’s internal control over financial reporting, and reviewing and monitoring the objectivity and independence of the auditor. Within the board, the audit committee is also responsible for monitoring and managing risks that could have a material adverse effect on the Company’s business.
The ongoing responsibility for internal control and risk management has been delegated to the Company’s president who is to report back the board on a regular basis in accordance with the prescribed instructions.
Internal control and risk management are continuously monitored and evaluated through internal and external controls and evaluations of the Company’s governing documents.
In addition to the internal control system described above, there is also an internal activity-specific control of R&D-related data, and quality management comprising systematic monitoring and evaluation of the Company’s R&D processes and products.