Annual report 2012

Internal controls related to financial reporting

Internal accounting controls pursue the objective of ensuring the accuracy, reliability and completeness of accounting records, thus ensuring a true and fair presentation of the data in the financial statements, prepared in accordance with the International Financial Reporting Standards.

Control procedures ensure that:

  • business changes are implemented in accordance with standards, laws, rules and instructions;
  • the balance in the books of account is in line with the actual situation; and
  • business changes are recorded accurately and properly with the aim of the true disclosure of assets and liabilities to their sources.

An important element of control procedures concerning financial reporting is already built into the SAP information system. Risks in this segment are also successfully mitigated through the appropriate professional training of employees, both in terms of accounting and knowledge of the information system.