Audit function and internal financial reporting

Today we are continuing our article series on governance and risk management at Bondora. Earlier we have discussed our high level governance model, Management Board structure as well as the background of our Supervisory Board members. Today we take a closer look at our audit function.

FINANCIAL AUDITOR

AS Deloitte Audit Eesti, Tallinn, Estonia provides audit services to Bondora. AS Deloitte Audit Eesti are chartered accountants, are members of the Estonian Board of Auditors in the Republic of Estonia, and are qualified to practice as auditors in the Republic of Estonia.

Bondora has had its 2014 and 2015 annual reports audited by Deloitte. The audits have been carried out according to IFRS and Bondora has been given a clean audit opinion on both years.

INTERNAL AUDITOR

Erki Mägi from AS PricewaterhouseCoopers, Tallinn, Estonia has been named as an internal auditor reporting to the Supervisory Board. Erki Mägi is a certified internal auditor and qualified to practice as an internal auditor in the Republic of Estonia.

AS PricewaterhouseCoopers has to date performed one thorough review of Bondora’s internal processes and controls and will continue to regularly perform independent assessments of Bondora´s processes. The aim of the audit is to identify if Bondora, its management and staff member’s activities comply with legal requirements, Estonian Financial Supervision Authority rules and Company’s internal rules, the Management Board’s and Supervisory Board’s decisions, Bondora’s contractual agreements with the third parties and how do these activities correspond with the industry’s best practice.

INTERNAL FINANCIAL REPORTING

Rein Ojavere, Chief Financial Officer of Bondora, is responsible for overseeing financial planning and control, tax, accounting, audit and shareholder relations, including reporting.