Internal Control within Meda is a fundamental part of Meda’s corporate governance. The overall purpose of Meda’s internal control is to protect the company’s assets and reputation and thus the shareholders’ investments.
The board’s work with internal control includes internal control of financial reporting and internal control from an operational perspective. Risk management is an integrated part of the board’s work with internal control of which objective is to ensure that the company is managed appropriately and efficiently. The board continuously monitors that the internal governance and control is managed appropriately and efficiently with support of external auditors and internal functions. The audit committee is responsible for monitoring of the financial reporting. External auditors and internal functions performs audits annually of the internal control in several entities of the Group, according to, by management, established plan. This is reported to the audit committee and the board.
Meda is also continuously overviewing and analyzing its governance procedures and internal control to provide the board with a foundation for determining appropriate levels of internal governance and control The procedure is based on the COSO frameworks 17 principals linked to the five components, control environment, risk assessment, control activities, information and communication, and monitoring.
Meda´s Corporate Governance Report includes a section on Meda´s internal control over financial reporting.