Description of the operation of the Audit Committee
The Audit Committee was established by the Supervisory Board’s resolution of 7 August 2019. Audit Committee meetings are held no less frequently than three times during a financial year.
In accordance with the Rules and Regulations of the Audit Committee, as part of financial reporting process monitoring, the Audit Committee:
- analyzes the information presented by the Management Board with respect to significant changes in accounting or financial reporting and estimated data or assessments that might be of relevance to the Company’s financial reporting;
- analyzes the applied accounting methods adopted by the Company and its Group,
- reviews the management accounting system;
- analyzes, jointly with the Management Board and external auditors, financial statements and results of the audit of these statements;
- presents recommendations to the Supervisory Board as to the approval of the annual financial statements audited by the auditor, interim reports and communications of the Company’s performance for the purpose of ensuring their compliance with the relevant accounting standards.
As part of the monitoring of internal control and internal audit system effectiveness, the Audit Committee:
- recommends the Supervisory Board to approve the internal audit plan for the next year and analyzes any departures from the established internal audit plan;
- verifies the adequacy and effectiveness of internal control systems, which includes annual assessment of control adequacy and effectiveness for the purpose of ensuring compliance with laws and internal regulations and of mitigating the risks to the Company’s business;
- monitors the internal audit effectiveness and availability of relevant sources of information and expert’s opinions for the purpose of ensuring appropriate response to external auditors’ guidance and recommendations;
- reviews the results of internal control and internal audit system performance.
As part of the monitoring of compliance risk management effectiveness, the Audit Committee:
- assesses the main risks to the Company’s business and the measures taken to mitigate risk;
- evaluates and presents recommendations as to the manner and quality of compliance risk management.
With reference to the Supervisory Board Audit Committee of BoomBit S.A.:
- the following persons declared that they met the statutory criteria of independence:
- Wojciech Napiórkowski
- Szymon Okoń;
- the following persons declared that they had knowledge and skills in the field of accounting or financial statements audit, pointing to the appropriate manner of acquiring the knowledge and skills described below:
Wojciech Napiórkowski completed a Master of Business Administration program in cooperation with the London Business School, as part of which he completed a course in management accounting, during which he became familiar with the principles of financial accounting, management accounting and financial reporting. He holds the title of Certified Financial Analyst Level 3. As a participant in a CFA program, he acquired specialist knowledge in the field of investment analysis, fund management and international accounting standards (IFRS);
- the following persons declared that they had knowledge and skills in the field of the sector in which BoomBit operates, pointing to the appropriate manner of acquiring the knowledge and skills described below:
- Karolina Szablewska-Olejarz
- Wojciech Napiórkowski
Karolina Szablewska-Olejarz has acquired knowledge in the field of the BoomBit sector thanks to many years’ experience in pursuit of an activity related to mobile and computer game development.
Wojciech Napiórkowski has acquired knowledge in the field of the BoomBit sector by analyzing numerous investments of companies developing mobile and computer games in the past.