Internal auditing and control

The Audit Committee of Kojamo’s Board of Directors has confirmed the operating instructions for the internal audit function. Internal auditing operates under the authority of the CEO and the Audit Committee and reports its observations and recommendations to the Audit Committee, the CEO, Management Team and the auditor. The auditing function covers all companies and functions in the Kojamo Group.

The auditing operations are based on risk analyses and conversations with the Group management related to risk management and control. Regular meetings with the auditor are set up in order to guarantee sufficient audit coverage and to avoid overlapping operations. Internal auditing annually draws up an auditing plan that is approved by the CEO and the Audit Committee. The auditing plan is modified based on risks, if necessary.

The main areas of focus for the internal auditing operations in 2019 will be the progress made in the implementation of Kojamo’s strategies as well as projects and changes related to business operations, financial management and data security.

Internal control

Internal control seeks to ensure that Kojamo’s operations comply with current legislation and regulations and the Company’s operating principles, and that the Company’s financial and business reporting is reliable. Internal control also seeks to safeguard Kojamo’s assets and ensure that its operations are efficient and reliable, thereby enabling its strategic goals to be achieved.

Kojamo’s internal control system is based on the framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

The organisation of internal control is the responsibility of the Board of Directors and the CEO. However, responsibility for carrying out internal control is shared by the entire organisation: each individual Group employee is responsible to his/her supervisor for internal control in his/her area of responsibility.

Read more about Kojamo plc’s internal control from the Corporate Governance Statement 2018.

Page updated 19 June 2019