The Audit Committee supervises internal auditing in the Company. The Board of Directors is responsible for internal auditing, which is carried out by an external public accountancy firm, authorized by the Central Chamber of Commerce and selected by the Board. The authorized public accountancy firm that performs an internal audit cannot be the same firm that acts as the Company’s auditor.
The objective of internal auditing is to assess and verify the efficiency of risk management, internal control, and management and administration. Internal auditing has been carried out on a case-by-case basis at the discretion of the Board.
Revenio Group Corporation's internal control function is responsible for providing support and ensuring:
- the reaching of set targets;
- the economical and efficient use of resources;
- the management of operational risks;
- the reliability and accuracy of financial and other managerial information;
- compliance with laws and regulations as well as with strategies, plans, internal rules, and set procedures.
Internal control encompasses all financial and other control exercised by the Board of Directors, the President & CEO, and other personnel. At Group level, internal control is based on monthly reports, analyses, and forecasts, which are discussed at the meetings of the Audit Committee and the Group’s Board of Directors.