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see notes 13 and 21. Critical judgements and key sources of estimation uncertainty are reviewed by the Audit Committee during the year. Foreign currencies The functional currency of the Company is. | May 25, 2023
Internal control and risk management
The systems for internal control and risk management of financial reporting are designed to provide reasonable assurance about the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, applicable laws and regulations, and other requirements for listed companies. The internal control and risk management activities are included in Nordea’s planning and resource allocation processes. Internal control and risk management of financial reporting at Nordea can be described in accordance with the COSO Framework as follows below.
The control environment constitutes the basis for Nordea’s internal control and centres around the culture and values established by the Board and Group Leadership Team, and the organisational structure, with clear roles and responsibilities.