70 Sustainability Report 2014 Year in review PRISA, a global group investment in Pay TV and accordingly duly recorded the impairment detected by the tests, as described in the report for the year 2013. With regards to impairment related to export tax credits, the Group’s tax department and external tax advisers regularly assess the risk arising from tax inspections and reports, in order to determine the reasonableness of the amounts credited. With regards to the deterioration in the advertising market in Spain, the sales and marketing departments of the business units and the Advertising Committee conduct an ongoing analysis of future trends, and the management teams evaluate measures to diversify revenues to better adapt costs to their expected returns. Internal control systems and risk management regarding the process of issuance of financial reporting (ICFR) Mechanisms involved in the control systems and risk management regarding the process of issuance of financial reporting (ICFR). Control environment of the organization Bodies and/or functions responsible for(i) the existence and maintenance of an adequate and effective ICFR, (ii) implementation, and (iii) monitoring. One of the functions assigned to the Board of PRISA, as set out in Article 5.3 of the Board Regulations, is the approval of control and risk management policy and the periodic monitoring of internal information and control systems. Furthermore, in accordance with the provisions of this article in the Regulations, PRISA’s Board must approve this periodic financial information, since this is a listed company, before making it public. In this regard, the Board of Directors is supported in its work by the Audit Committee. Among the basic responsibilities of the Audit Committee, as defined in the Board Regulations, is the monitoring of the effectiveness of the Company’s internal control systems and risk management systems and the drafting and filing of regulated financial information, specifically annual accounts and quarterly financial statements, which the Board is obliged to submit to the markets and their supervisory bodies. The effective implementation of the internal control model is the responsibility of the Chief Executive Officer and Chief Financial Officer, as well as the CEOs and managing directors of the Group’s business units who are also involved in the preparation of financial information which forms the basis for the preparation of the Group’s financial statements. The supervision of the system for internal control over financial reporting (hereinafter ICFR) is carried out by both the Audit Committee and the Board of PRISA, with the support of the Internal Audit. Departments and / or mechanisms responsible for : (i) the design and review of the organizational structure, (ii) defining clear lines of responsibility and authority, with an appropriate distribution of tasks and functions, and (iii) for ensuring there are adequate procedures for correct disclosure of the above. The Director of Organization and Human Resources, under the Chief Executive Officer, is responsible for the ongoing design, implementation, revision and updating of the Group’s organizational structure. The Group’s Business Units are supplied with an adequate distribution and definition of tasks and functions in financial areas, and have detailed job descriptions for key roles in the financial area as well as clearly defined lines of responsibility and authority for the process of financial reporting. In addition, the Department of Organization and Human Resources coordinates and carries out an assessment of the internal procedures of the different Group companies, and the degree of documentation, updating and disclosure of these. Code of Conduct, approval, disclosure, principles and values (indicating any specific reference to record keeping and financial reporting), the body responsible for investigating breaches and proposing corrective measures and sanctions. Grupo PRISA’s Code of Conduct, approved in the fiscal year 2011 by the Board of Directors, establishes the general guidelines that should govern the conduct of PRISA and all Group employees in the performance of their duties and their business and professional relationships, acting at all times in accordance with the laws of each country and with respect for commonly recognized ethical principles. The Code of Conduct has been communicated to all employees and is also available on the global intranet. The basic values and principles that should guide the actions of Group employees are integrity, honesty, rigor and dedication in carrying out their activities, responsibility, commitment and transparency, pluralism and respect for ideas, cultures and people, creativity and innovation in business development, responsible, efficient and sustainable management, all of which generate value for shareholders and for the Group. The standards of conduct in relation to financial reporting are aimed at guaranteeing transparency in the preparation and disclosure of financial information, at the level of both internal communication within the Group, and externally to
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