Fondia Plc's Board of Directors has defined the company's internal control principles, which include matters to be taken into account in the company's business operations. The Board of Directors assesses the status of internal control at least once a year and decides on the internal control and audit policy for the next financial year at the turn of the year.
Internal control is a process carried out by the Board of Directors and management and other personnel to provide reasonable assurance regarding the achievement of the objectives of the company's activities. Internal control is an integral part of all of Fondia's activities and internal control includes all of the company's policies, processes and practices that assist management and ultimately the Board of Directors in ensuring that the company's objectives are met, that Fondia's business is conducted ethically and in compliance with all applicable laws and regulations and internal policies, and that financial reporting is properly managed.
The company will either conduct its own internal audit reviews or commission separate internal audit reviews by external experts, as appropriate. The company does not have its own separate internal audit function.