Internal Control and Audit
Financial Information
The company prepares and publishes its financial statement and interim reports in accordance with the International Financial Reporting Standards (IFRS/IAS) as of the beginning of 2005.
The company has one auditor approved by the Central Chamber of Commerce and if such auditor is not an auditing entity defined by the law, one deputy auditor shall be elected. Fees paid to the company's auditor and companies belonging to the same chain totalled approximately EUR 231,000 in 2007 (about EUR 259,000 in 2006. Fees for non-audit services paid to the company auditor and companies belonging to the same chain amounted to EUR 182,000 (about EUR 368,000 in 2006). Other services consisted mainly of tax consultation and services related tax consultation and services related to the mergers and acquisitions.
Internal Control and Audit
The company's Board of Directors is responsible for ensuring that the company has defined operating principles of internal control and that the company regularly monitors the effectiveness of such control. According to applicable legislation the Board shall supervise the CEO and make sure he runs the company's business operations and administration in accordance with the Board's orders and instructions. The CEO is responsible for the practical arrangements associated with internal control, and ensures that the company's accounting and asset management control is appropriately organized.
Internal control methods include internal instructions (e.g. administrative instructions), a reporting system that supports control, and various technical systems related to operations. The company has no specific internal control organisation. Special attention is therefore paid to the organisation of operations (e.g. controller function and the Board work of subsidiaries), operating instructions, the personnel's competence, and reporting. The company's financial development is monitored monthly using reports that cover the entire group.
The company has no specific internal audit organisation. This is taken into account in the content and scope of the EB's annual audit plan. On the one hand external auditing focuses on specific areas in turn to be audited, and on the other hand, on separately agreed priority areas.