The financial reporting of the group complies with the laws and regulations in Sweden, and for the subsidiary group ice group Scandinavia Holdings AS to the rules applicable to companies that have bonds listed on the Oslo Stock Exchange (Oslo Børs). In addition, there are internal instructions, procedures, systems and roles and responsibilities aimed at good internal control. Consolidated accounts and financial development are monitored internally on a monthly basis with analysis and commentary.
The ice group has no special internal audit function.The business has however embedded control elements in the different processes for the purpose of strengthening the internal control. Internal control is handled by the Board of Directors whereby the company’s CEO, insofar as it concerns the management function, does not participate. The quality of the external ﬁnancial reporting is ensured through a number of measures and procedures; all interim reports are subject to processing by the Board of Directors before being released, along with the annual report. The CEO is responsible for all information provided, such as press releases, presentations for meetings with analysts, media, and owners and investors.
Internal control refers to the process that is inﬂuenced by the Board of Directors, the Company management and other staff, and is designed to provide a reasonable assurance that the goals of the Company are achieved with regards to:
- efﬁcient and effective operations,
- reliable ﬁnancial reporting, and
- compliance with applicable laws and regulations
The work on the design of internal processes and follow-up is ongoing within the group and becomes more important as the business grows.
The group has a non-complex operating structure with three main separate units. By internal control systems developed by management, operations are reviewed regularly by the CEO and executives who also conducts periodic analyses of the companies’ financial reporting in order to ensure the units’ progress. In the light of the above the Board has chosen not to establish a separate internal audit function.