In 2007 Gunnebo set up a new corporate function responsible for Internal Control and Internal Audit. During 2008 the function continued to develop the internal control process with audits according to an annual plan, as well as producing minimum requirements for the Group’s policies and guidelines.
This work has partially entailed advice to corporate functions in connection with updates to Group-wide policies and on various internal control issues within the operation.
Internal Audit works on behalf of the Board’s Audit Committee. The Internal Control function is a support and complement to the operation, and works on behalf of the Group Executive Team with the aim of improving internal governance and control.
Responsibilities and authorisations for both roles are set out and documented in function and work descriptions, as well as in audit instructions in order to ensure independence, for example. The function reports administratively to the Chief Financial Officer and periodically also to the Audit Committee.