Husqvarna Group maintains a comprehensive financial reporting system for the monitoring of operations, which enables identification of possible deviations in financial reporting.
Husqvarna applies IFRS. This is defined in the Husqvarna Accounting Manual, which includes rules for accounting and evaluation principles that are mandatory for all companies within the Group, as well as instructions for reporting. The manual is reviewed and updated quarterly.
Financial data is reported every month by approximately 130 reporting units, in accordance with the standardized routines for reporting that are stipulated in Husqvarna’s accounting manual. These reports are the basis for the Group’s consolidated financial reporting. Consolidation is performed from both legal and operational perspectives, which generates quarterly legal reports, i.e. complete balance sheets and income statements for each company as well as consolidated, and monthly, operative reports. All consolidation is centralized. All financial reports are stored in a central database from which data is retrieved for analysis and monitoring at Group, business area and business unit level. Interim reports are posted on the website, www.husqvarnagroup.com.
The Internal Audit function supports the development and improvement of internal control over financial reporting. Internal Audit works according to an annual audit plan that is approved by the Board and conducts independent and objective audit engagements in order to evaluate and enhance the efficiency of internal controls, including internal control over financial reporting. The result of the audit engagements are presented to the Audit Committee and the Group’s President and CEO and CFO.