In control statement
With due regard for the information provided under the Risk and Risk management section, the Executive Board is of the opinion that, to the best of its knowledge:
- the Report of the Executive Board provides sufficient insights into the effectiveness of the risk management and internal control systems;
- the risk management and internal control systems provide reasonable assurance that the financial reporting, including tax, does not contain any material inaccuracies;
- it is justified that the financial reporting is prepared on a going concern basis; and
- the Report of the Executive Board states those material risks and uncertainties that are relevant to the expectation of Kendrion’s continuity for the twelve-month period after the date of the Report of the Executive Board.
Properly designed and implemented risk management and internal control systems significantly reduce, but cannot fully eliminate, the possibility of human errors, poor judgement, deliberate circumvention of controls, fraud or infringements of laws or regulations, or the occurrence of unforeseeable circumstances. Another circumstance considered within risk management is that efforts related to risk management and internal control systems should be balanced with the costs of implementation and maintenance.