In accordance with the Swedish Companies Act and the Code, the Board of Directors is responsible for internal controls. This review has been prepared in accordance with chap. 6 § 6 of the Swedish Annual Accounts Act, and accordingly, reviews the company’s system for internal controls over financial reporting.
Internal controls over financial reporting are a process designed by the Board of Directors intended to provide the Board and management with reasonable assurance regarding the reliability of external financial reporting, and that the financial statements are prepared consistent with generally accepted accounting principles, applicable laws and ordinances and other standards applying to listed companies.
Internal control in Aspiro is based on a control environment including organizational resources, decisionpaths, authorization and responsibility. Responsibility for preparing an effective control environment and ongoing internal controlling and risk management work is delegated to group management. Controlled risk-taking is achieved through a clear organizational structure and decision-making process.
The control activities include both general and more detailed controls, intended to prevent, discover and rectify misstatements and variances. The CFO has overall responsibility for implementing, enhancing and maintaining the group’s control routines.
Regular monitoring of financial results is conducted in the Board of Directors and operational units’ managements. The Board of Directors receives monthly financial reports. Aspiro has processes and routines to ensure the quality of financial reporting, and that potential variances are followed up.
The Board of Directors’ judgment is that at present, there is no need for a dedicated internal audit function. This judgment is reconsidered yearly by the board of Directors.
The Board of Directors
Malmö, Sweden, 14 April 2011.