Internal Control and Audit
The objective of the company’s internal control is to ensure the company’s operating capability, the efficiency and profitability of its business operations, reliability of financial reporting and compliance with applicable laws, regulations and the company’s internal instructions.
The Board of Directors is responsible for ensuring that there is adequate control over the company’s accounts and finances, and for monitoring the process of financial reporting and the effectiveness of the company’s internal control and risk management system. The Board also ensures that the company operates in accordance with its values, and approves internal control, risk management and corporate governance policies.
The CEO, supported by the Management Team, is responsible for ensuring that the Company operates in accordance with the agreed principles, reacts to identified exceptions and takes adequate corrective actions. The Management Team is also responsible for establishing internal control practices. The CFO is responsible for organising internal control for the company’s all operations.
Infinited Fiber Company does not have a separate internal audit function, and internal audit responsibilities have been divided inside the company among different bodies and functions. The Board may use external experts to conduct separate evaluations of the control environment or control functions.