Control environment

The Company’s board of directors has established an audit committee, focusing on internal control relating to financial reporting, and a quality and sustainability committee, focusing on quality within Ambea’s operations. The board establishes a number of governing documents annually to support the board of directors and executive management to secure a exhaustive internal control and risk management within the group.

On a central level, the executive management is responsible for ensuring that the Company has governing documents relating to internal control, for example the financial policy and the financial handbook. These documents shall support all employees of Ambea to act in accordance with Ambea’s internal rules and guidelines. The executive management is also responsible for regular reporting to the board of directors and auditors committee. The Company’s CFO has, through delegation, an operational responsibility for internal control and risk management with respect to financial reporting and for ensuring implementation and compliance.

Ambea’s control and risk management relating to quality within the organisation is carried out through the Company’s quality management model, a quality system aimed at guaranteeing high quality in all processes and operations. At the unit level there are quality councils and at the central level there is a quality department which reports directly to executive management and to the quality and sustainability committee. Internal control measures are also implemented and IVO conducts inspections on a regular basis.