Reporting and Control
Internal control over financial reporting within Transmode is designed to achieve a high level of reliability in external reporting. The Board of Directors and the audit committee supervise the quality of Transmode's financial reporting and internal control systems and monitor the Company's risk exposure, through instructions to the CEO and the establishment of requirements on the contents of the financial reports which regularly are submitted to the Board of Directors and the Audit Committee, as well as through reviews with management and the auditors. The Board of Directors and the audit committee, together with the Company's management, also regularly review and verify the quality of financial reporting.
Risk Assessment and Control Activities
The audit committee regularly monitors the effectiveness of internal controls and evaluates accounting and reporting techniques. As an important part of its internal control activities Transmode has also established instructions and policies, including “Allocation of Tasks between The Board of Directors and The Chief Executive Officer”, “Rules of Procedure for the Board of Directors” “the Financial Manual” and the IT-, Finance- and Information- policies approved by the Board of Directors. The Company's Board of Directors also evaluates business performance and results each month using a structured reporting procedure containing outcomes, forecasts and analyses of important key performance indicators. The Board of Directors also receives regular reports from the meetings held between the Company's management and the auditors. In addition, the Company's management at least annually presents its view of significant risks to the Board of Directors.
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TRMO Interim Report 2012 Q1
