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Internal Control

ICG believes that effective internal control is important for safeguarding the financial stability of the Company.

Internal control is a process affected by the Company's board of directors, management and other related personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations

It involves monitoring the activities of an operation against a set of approved business processes, policies and authority limits, and deviations are reported and regularly reviewed, and acted upon constructively by the responsible managers.

Internal control is carried out throughout the Company, at all levels and in all functions. It includes a range of activities as diverse as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets, and segregation of duties.

The control environment sets the tone of the organization, influencing the control consciousness of the people.

Control environment factors include the integrity, ethical values and competence of the people; the management's philosophy and operating style; the way the management assigns authority and responsibility, and organizes and develops the people; and the attention and direction provided by the board of directors.

The internal control system is intertwined with the Company's operating activities and exists for fundamental business reasons. Built-in controls support quality and empowerment initiatives, avoid unnecessary costs and enable quick response to changing conditions.