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Internal audit and control

The overall purpose of internal control is to obtain reasonable assurance that the Company’s operational strategies and objectives are followed up and that shareholders’ investments are protected. Internal control should also determine, with reasonable assurance, that external financial reporting is reliable and prepared in accordance with generally accepted accounting practices, compliance with applicable laws and regulations, and compliance with the rules applicable to listed companies. The board is ultimately responsible for internal control.

The Swedish Companies Act and Annual Accounts Act require Q-linea to provide information about the key elements of its internal control system and risk management in the Company’s corporate governance report. The board’s responsibility for internal control is also regulated by the Code. The board’s duties include ensuring that Q-linea maintains good internal control and formalised procedures that ensure compliance with established principles for financial reporting and internal control, and that appropriate systems are in place for monitoring and controlling the Company’s operations and the risks associated with its operations.

In order to maintain good internal control, the board has prepared several governing documents, including rules of procedure for the board, instructions for the president, instructions for financial reporting, a financial policy and a communication policy.

The board has also established an audit committee that is primarily responsible for monitoring and quality-assuring the Company’s financial statements, keeping in touch with the Company’s external auditor on a continuous basis, monitoring the effectiveness of the Company’s internal control over financial reporting, and reviewing and monitoring the objectivity and independence of the auditor. Within the board, the audit committee is also responsible for monitoring and managing risks that could have a material adverse effect on the Company’s business.

The ongoing responsibility for internal control and risk management has been delegated to the Company’s president who is to report back the board on a regular basis in accordance with the prescribed instructions.

Internal control and risk management are continuously monitored and evaluated through internal and external controls and evaluations of the Company’s governing documents.

In addition to the internal control system described above, there is also an internal activity-specific control of R&D-related data, and quality management comprising systematic monitoring and evaluation of the Company’s R&D processes and products.