The Formaltrade Group has very well implemented supplementary internal controls of all daily transactions in the company’s business activities. The internal control measures are based on the company’s introduction of additional yearly transactions reporting, in addition to the annual income reporting to regulatory agencies.
Daily transactions are updated continually prior to the yearly report presented as a percentage table for the authorities. By means of this table, the public can follow all levels of transactions in the form of daily, weekly and monthly increases or decreases expressed as percentages.
At the end of each year, the data is submitted to the accounting firm for review and access to the company’s account, which can be checked around the clock and historically. The table is then updated at the end of each year based on possible confirmation from the accounting firm.
This method helps ensure regulatory agencies can gain an understanding of the company’s business in advance and prior to the annual report. As a result, the process of compilation of information prior to the annual report is also made easier and more accurate, thereby allowing for mistakes to be corrected before they happen.
