The overall purpose of the internal control is to ensure that the Ascelia’s strategies and objectives can be implemented within the business and to ensure that the financial reporting has been prepared in accordance with applicable laws, accounting standards and other requirements imposed on listed companies. The board of director’s responsibility for the internal control is governed by the Swedish Companies Act, the Swedish Annual Reports Act and the Code. In the rules of procedure for the board of directors, instruction for the CEO and instruction for financial reporting, all of which have been adopted by the board of directors, the allocation of the roles and responsibilities have been stated in order to contribute to an effective management of the Ascelia’s risks.
The board of directors has also established an audit committee whose main task is to monitor the effectiveness of Ascelia’s internal control, internal audit and risk management, to be informed about the audit of the annual report and consolidated financial statements, and to review and monitor the auditor’s impartiality and independence. In addition to the above mentioned controls, Ascelia also continuously carries out quality controls of the drug development and its partners in order to ensure that they meet the requirements set out by the Ascelia.
Continuous risk assessments are carried out in connection with strategic planning, forecasting work and specific risk sessions in order to identify, quantify and relate to how identified risks can be managed and, if possible, be limited. The presentation of the identified risks shall, as a minimum, be submitted to the board of directors once per year. Within the board of directors, the audit committee is responsible for continuously assessing the Ascelia’s risks.