The group's internal control system is designed as a consequence of the extent and nature of the group's business activities.

Internal control is broadly defined as a process designed to provide reasonable assurance of:

• Effective and efficient operations
• Reliable financial reporting
• Compliance with laws and regulations
• Necessary resources provided and used in cost efficient ways.

Confirmation from external auditors and internal procedures i.e. business reviews (financial, operational and quality) give the management and board of director’s confidence that the WWH group complies with external and internal rules and regulations.

Internal control gives management assurance that the internal control of financial systems is working adequately and according to segment management’s expectations.

Internal control conducts activities which can be split in four categories:

• Activities established to evaluate and confirm the quality of internal control regarding financial reporting (per segment)
• Procedure for year-end financial statement and the WWH board's responsibility statement semi-annually and annually
• Enterprise risk assessment - including reporting of the segments internal control
• Monthly reporting on risk assessment to the board and twice a year risk assessments made publicly to the market

Governing documents, code of conduct, company principles (including corporate social responsibility), policies, guidelines and process descriptions are documented and electronically available to the company’s employees through WWH’s global integrated management system.

The WWH group's finance and strategy division has the responsibility for updating internal control procedures on a group level, including:

• WWH group financial strategy
• WWH group financial policies and guidelines
• WWH (parent) financial policies and guidelines
• WWH group enterprise risk management policy and guidelines

The WWH group Financial strategy is approved by the WWH board and covers all main elements related to financial management of the group, including:

• Financial organisation, responsibility and organisation
• Objectives and key ratios
• Equity and dividend targets
• Investor relation
• Financing and debt management
• Cash and liquidity management
• Financial investment management
• Currency management
• Credit management
• Contingent liabilities
• Mergers and acquisitions
• Accounting and financial reporting
• Tax management
• Internal control and risk management
• Reporting to WWH board

WWASA and WMS  (including subsidiries) have implemented similar governing documents approved by the respective boards and in line with the WWH group financial strategy.

WWH’s auditors conduct audit in accordance with the laws, regulations and auditing standards and practices generally accepted in Norway and give reasonable assurance as to whether the financial statements are free of material misstatements. The audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. It also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation.