Internal corporate governance controls
- Monitoring by Chairman & Board of Directors
- Internal control procedures and monitoring
- Compliance monitoring
- Balance of power
- Performance based remuneration
- Competition
- Debt covenants
- External Audits
- ISO certification
- Government regulations
- Listing regulations
- Foreign exchange regulations and other local laws
- Media pressure
The Board of Directors is primary responsibility for the Group's external financial reporting functions.
Current accounting rules under International Accounting Standards and IFRSs allow managers some choice in determining the methods of measurement and criteria for recognition of various financial reporting elements.
To reduce the risks of financial reporting fraud, including non-disclosure and deliberate falsification of values and to enhance the perceived integrity of financial reports, financial statements are audited by an independent external auditor who issues a report that accompanies the financial statements.
