02. PRISA, a global group Annual Report 2013 communication between companies and their shareholders 38 and to maintain a relationship of dialogue and cooperation with the Administration and, In particular, the National Securities Market Commission (CNMV). Internal audit The Company has an Internal Audit Department whose function is to provide PRISA’s management and the Audit Committee with a reasonable degree of certainty that the internal operational control systems within the Group have been correctly designed, implemented and managed. The functions of this Department include: a. The evaluation of internal control systems to improve efficiency in the management and control of risks inherent in the activities of the Group. b. The revision of operations in order to verify that the results achieved concur with the established objectives, and that operations and programs are implemented and executed as planned. c. Providing an independent opinion on the interpretation and application of legal accounting codes. d. The evaluation of efficiency in the use of the resources of the Group. e. The revision of measures implemented to safeguard assets and their verification. f. The revision of the accuracy and integrity of the operational and financial information of the companies within the Group and of the means employed to identify, evaluate, classify and communicate said information. The Audit Department designs an Annual Internal Auditing Action Plan for the identification and evaluation of the risks inherent in the activities of the business areas of the Group, establishing priorities for Internal Audits and ensuring concurrence with the goals of the organization. The Annual Internal Auditing Action Plan will identify all the Internal Audit actions planned for the year. The Plan will describe the activities and projects to be performed, their nature and scope and the resources available to the Internal Audit Department. The Audit Committee will designate, appoint, re-elect or relieve the head of the internal audit service, supervise the internal audit services and the annual report on the activities of the internal audit service, supervise the preparation and presentation of regulatory financial statements, and be cognizant of and supervise the effectiveness of the internal control systems of the Company as well as all risk management systems. It will liaise with the auditors on relevant weaknesses detected within the internal control system during the development of the audit. Independence of the external auditor Designation of the external auditor The Audit Committee will propose the appointment of the external auditor. The Audit Committee must also approve the hiring of the Company’s external auditor to perform any audit work, consultancy or any other appropriate task within the Company and Group companies. Relations with the external auditor The Audit Committee will liaise with the external auditor so as to be informed on questions relating to the development of the audit and any other communications required by law and technical auditing standards. The External Auditor and the Audit Committee will communicate on questions that may compromise the independence of the external auditor or any other issues related to the Auditing of company accounts. The Audit Committee shall receive annually from the auditors written confirmation of their independence from the entity or entities linked to it directly or indirectly, and relevant information on any additional services provided to these entities by said auditors, companies,
PRISA Annual Report 2013
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