73 Sustainability Report 2014 Commitments and future challenges Sustainability at PRISA the planning of new projects are reviewed. Each month the Global Service Committee reviews the month’s service, and tracks performance from the previous month. Also every month, service level agreements are followed up. Information and communication Specific function responsible for defining, maintaining updated accounting policies (area or department of accounting policies) and resolving questions or disputes regarding its interpretation, maintaining fluid communication with those responsible for operations throughout the organization, as well as the accounting policy manual, which is updated and communicated to the units. The organization has an accounting manual based on international financial standards that are applicable to the Group’s businesses, defined by the Internal Audit Department, updated periodically and communicated to the various Business Units, annually.There are also specific accounting policies developed internally by some businesses of the Group that define the simplified accounting procedures required to properly reflect activity. In addition, periodically, the Internal Audit issues accounting bulletins that detail changes in international accounting standards in all those aspects that could have an effect on Group companies. Mechanisms for the collection and preparation of financial information in standard format, to be applied to and used by all units of the group, and which support key financial statements and notes, as well as information concerning ICFR. PRISA has a single, unified accounts plan, applicable to all Group companies that manage financial information in the Group SAP. There is also a single, unified reporting format for the financial information of the Group business units, supporting the financial statements and the notes and disclosures included in the annual accounts. Monitoring performance of the system ICFR monitoring activities performed by the audit committee and internal audit with responsibility to support the committee in its oversight of the internal control system, including ICFR. Scope of the evaluation of ICFR and the process by which those responsible for implementing the evaluation report their results; if the entity has an action plan detailing any corrective measures, and whether it has considered its impact on financial information. The Audit Committee’s supervision duties with regard to the internal control system are detailed in the Board Regulations. They include the following regarding the process of preparing and reporting financial information: 1. Review compliance with legal requirements and the correct application of generally accepted accounting principles, and report on any proposal suggested by management to modify accounting principles and criteria 2. Determine and monitor the effectiveness of Company internal control systems and risk management systems and discuss with the auditors or audit firms any significant weaknesses in the internal control system that may have been detected during the audit. 3. Oversee the preparation and presentation of regulatory financial statements. 4. Review Company prospectus and information on the quarterly and half-yearly financial statements that the Board is obliged to submit to the markets and their supervisory bodies. The Group has an internal audit unit to support the Audit Committee in overseeing the Group’s system of internal control over financial reporting. The Internal Audit reports to the Audit Committee, which in turn reports to the Chief Executive Officer. The purpose of internal audit is to provide the Group 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. To this end, the internal audit oversees the design and scope of the model of internal control over financial reporting of the Group, and then performs an evaluation of the design and operation of control activities as defined in the model. There is an annual evaluation of the performance of the Group’s general controls, the information systems controls and key control activities in the control system for financial information. For each of the weaknesses identified, the economic impact and likelihood of occurrence is estimated, and they are classified accordingly. Furthermore, for all the weaknesses identified, an action plan is defined to correct or mitigate the risk, and a person is delegated for the subsequent management of the risk and its implementation schedule. Procedures through which the auditor(in accordance with the provisions of the NTA), the internal audit and other experts, may communicate to senior management and the audit committee or board of the organization any significant weaknesses in internal control identified during the review process of the annual accounts or during reviews that have been entrusted to them. Action plan to correct or mitigate any such weaknesses observed. Significant material weaknesses that are revealed as a result of the evaluation by
Informe Anual EN
To see the actual publication please follow the link above