The Board is primarily responsible for establishing a framework of prudent and effective internal controls and risk management in relation to the financial reporting process that enables risks to be assessed and managed and financial reports to be prepared.

The Audit committee reviews and assesses the Group’s internal control and risk management processes. At Globaltrans, the body responsible for internal audit is the internal audit service which tests the Group’s systems of risk management, internal control and corporate governance to obtain a reasonable assurance that:

  • The risk management system functions efficiently.
  • Material financial, management and operating information is accurate, reliable and up to date.
  • The actions of employees and management bodies are in compliance with the Group’s policies, standards and procedures and the applicable laws.
  • Resources are procured reasonably and used efficiently and their safekeeping is fully guaranteed.
  • Group companies conduct their business in compliance with applicable laws.

In addition, the Audit committee manages the relationship with the external auditor on behalf of the Board. The Group has a formal policy on assessing the independence and objectivity of the external auditor, who is appointed by the shareholders at the Annual General Meeting.

Last updated: 07.05.2020