74 Sustainability Report 2014 Year in review PRISA, a global group the internal audit of the internal control system for financial reporting are reported to senior management, the Audit Committee and to the external auditor. The Internal audit prepares an annual report on the evaluation of the internal control system of the Group’s financial information which details, for each weakness identified, a specific action plan or a series of mitigating controls, as well as designating all those responsible for its implementation. Additionally, the system of internal control over financial reporting is ultimately reviewed by the external auditor, who reports to the Audit Committee on any significant and material weaknesses and gives an opinion on the effectiveness of internal control ahead of the reporting of financial information to the Securities and Exchange Commission. Review by the external auditor of the ICFR information supplied to markets. The system of internal control over financial reporting is reviewed by the auditor of Group accounts, giving an opinion on the effectiveness of internal control in accordance with the Sarbanes Oxley Act. This report together with the financial information required by U.S. regulations shall be filed with the Securities and Exchange Commission in accordance with the established deadlines. Internal audit The Company has an Internal Audit Department whose function is to provide Grupo 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 the appropriateness of the internal control systems, in order to improve efficiency in the management and control of risks inherent in the activities of the Group. b. 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. c. Providing an independent opinion on the interpretation and application of legal accounting codes. d. The revision of measures implemented to safeguard assets and their verification. 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 Grupo PRISA, 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. 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, or by persons or entities linked to them in accordance with the provisions of Law 19/1988 of July 12, Auditing of Accounts. The Audit Committee shall deliver annually, prior to the publication of the audit report, a report which will express an opinion on the independence of auditors. This report shall cover the provision of any additional services referred to above. The external auditor attends meetings of the Audit Committee to report on the most relevant aspects of the work performed by the External Auditor. The Audit Committee will i) propose the designation, appointment, re-election or removal of the head of the internal audit service, ii) supervise the internal audit services and the annual report on the activities of the internal audit service, iii) supervise the preparation and presentation of regulatory financial statements, iv) and be cognizant of and supervise the effectiveness of the internal control systems of the Company as well as all risk management systems. It also will liaise with the auditors of accounts and
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