Delete’s internal control framework contains all relevant financial and operational functions with emphasis on business risk approach based on Delete’s risk management process and defined areas, such as project controls, revenue recognition, asset management and treasury controls.
The principles of internal control define the general framework for the implementation of statutory and regulatory obligations concerning Delete and how the laws / principles governing the sector in terms of supervision are generally applied to the company’s activities.
Delete’s Board of Directors approves the company’s internal control and auditing principles. In accordance with the principles established by the Board of Directors, internal control is part of Delete’s operational management. All of the company’s functions operate in accordance with these principles and the company’s instructions, and comply with the regulations and instructions issued by the authorities.
Internal controls are a part of Delete Group governance and management. The responsibility for organizing the control function belongs to the Board and the CEO. The Board exercises the responsibility through an appointed audit committee. Chain of responsibility continues throughout the Delete Group organization so that each member of the organization answers to the immediate supervisor on upholding the controls.
Internal audit function is responsible for independent evaluation and assurance with the main purpose to support the CEO and the audit committee in fulfilling the internal control duties. The main purpose of the internal audit function is to provide objective and independent information, give improvement and development recommendations based on findings and educate and train the management and staff on the control process awareness and enforcement.
The principles of internal audit function are approved by the Board of Directors.
The purpose of internal audit is the check, confirm and assure to the CEO, the Board and the management that the controls, risk management and governance are efficient and functional in the organization. In addition the internal audit function supports the management and the organization in development of internal controls environment and ensures the reaching of set targets. The audit methodology is based on risk perspective.
Delete Group’s internal audit is organized and resourced internally. The internal audit function answers to the audit committee and acts under the CEO supervision. The internal audit function reports its findings and development suggestions to the CEO, the audit committee and to the management of the applicable business area.