Internal control

Cloetta applies the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework for internal control over financial reporting in order to ensure correct and reliable reporting in compliance with the applicable laws and regulations, accounting standards and other requirements for listed companies. The Board of Directors has defined the guidelines regarding roles, responsibilities and processes that are vital in maintaining good internal control.

The Board of Directors and the audit committee are responsible for establishing the fundamental rules and guidelines for internal control.

The audit committee assists the Board by continuously monitoring the risks that can affect the financial reporting and in the preparation of manuals, policies and accounting policies. The Board of Directors and the audit committee interact directly with the external auditors.

The CEO is responsible for the effective design and implementation of internal control within the Group.

The CFO is responsible for the design, correct implementation and proper application of the framework for internal control at the central level. The local management is responsible for the design, correct implementation and proper application at the local level, all in order to facilitate realization of the Group’s objectives.

Cloetta’s accounting manual contains instructions and guidance for accounting and financial reporting. The Board’s instructions for financial reporting are found in the Group’s finance manual, including instructions for accounting and reporting and the finance policy.

Read more in the document Internal control over financial reporting below.

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