Financial reporting

With regard to financial reporting, the purpose of internal control is to ensure that the reporting is reliable and complies with widely accepted accounting principles, as well as the applicable laws and regulations and internal reporting principles. Tokmanni Group’s financial reporting framework is based on Group-level guidelines and financial processes and on a common reporting platform. This framework is supported by company values, integrity and high ethical principles, as well as regular training and the exchange of information at meetings concerning financial processes.

The overall responsibility for the internal control of the whole Group rests with the Board of Directors. The Board evaluates business performance. The Board has appointed a Finance and Audit Committee, which regularly monitors compliance with the principles of financial reporting, as well as the accuracy of the financial reporting, as part of its duties. On a monthly basis, CEO and the members of the Executive Team report on financial development and outlook for the period in progress.

The financial function maintains common guidelines for financial reporting, serves as the owner of financial processes and monitors reporting platforms in a centralised manner. The financial department is responsible for the application and interpretation of the accounting principles concerning financial statements. These principles are recorded in Tokmanni Group Corporation’s accounting manual.

In addition to financial information, the reporting covers key financial indicators in terms of the Group’s business operations. The Group’s financial result and future outlook are evaluated on a monthly basis.