Internal control

Responsibility

The Board bears ultimate responsibility for ensuring that Bilia’s internal control works satisfactorily and that adequate financial reports are presented. The Board is responsible for ensuring that Bilia’s accounting, fund management and financial situation in general includes satisfactory controls.

Control environment

Bilia’s control environment is based on communicating clear guidelines to all subsidiaries to ensure that the same rules and policies are applied in the Group’s companies and business areas and that the subsidiaries have the necessary tools to report back to Bilia AB in an accurate and uniform manner.

Risk analysis

The management performs a risk analysis which, following discussions in the Audit Committee and Board, decides, along with other considerations, the focus areas of the internal control.

Internal control work

As a complement to manager responsibility and other control procedures, Bilia has a function for risk management that reports to the company’s CFO which includes internal control and internal audit work. Bilia’s CFO approves the audit plan.

The result of the audit is reported directly to Bilia’s CFO and the Audit Committee. The audit plan is continuously evaluated and was last updated in September 2019.

Work to secure the internal control is an ongoing process that is subject to constant review, follow-up and improvement.

Bilia’s Code of Conduct applies to all employees of the Group and the Board members. The Code of Conduct, which is available at bilia.com, was issued in 2006 and revised in 2019.