RepoRt on - BNP Paribas

making committee (“Pfc” – Product
financial control committee) chaired
by the group chief financial officer on
the actions of the cib financial control
teams and their work to enhance control
effectiveness and the reliability of
the measurement and recognition of
the results of market transactions. this
committee meets every quarter and
brings together the directors of group
finance-development-accounting,
corporate investment banking and
group risk management.
periodic control –
central Accounting
inspection team
the general inspection unit includes
a team of inspectors (the central
accounting inspection team) specialised
in financial audits. this reflects the
strategy of strengthening the group’s
internal audit capability both in terms
of technical scope and the areas of
accounting risk tackled in the audit engagements
undertaken.
its action plan is based on the remote
accounting internal control
tools available to the group-finance
development function and the risk
evaluation chart set up by the general
inspection unit.
the core aims of the team are as
follows:
— to constitute a hub of accounting
and financial expertise in order to reinforce
the capability of the general
inspection unit when carrying out inspections
in such areas;
— to disseminate internal audit best
practices and standardise the quality
of audit work throughout the
bnP Paribas group;
— to identify and inspect areas of accounting
risk at group level.
development
of the accounting
internal control system
the accounting internal control system
is constantly being adapted to
the group’s requirements. the aforementioned
procedures form part of an
evolving system that aims to guarantee
an adequate level of control throughout
the group. accordingly, the entities
of fortis subgroup bnP Paribas acquired
in may 2009 progressively deploy at
their level the accounting internal control
organisational principles defined by
group finance-development. in that
context, bnP Paribas fortis prepared a
certificate on the consolidation package
of the subgroup that relies on a
sub-certification system to which the
most significant entities in its scope
contribute.
Relations with the
group’s statutory
Auditors
the statutory auditors are required to
issue a report every financial year in
which they give their opinion concerning
the fairness of the consolidated
financial statements of the bnP Paribas
group and of the annual financial statements
of the group’s companies.
the statutory auditors also carry out limited
reviews of the quarterly accounts
for the first and third quarters of the financial
year. as part of their statutory
audit assignment:
— they examine any significant changes
in accounting standards and present
their recommendations concerning
choices with a material impact to the
financial statements committee;
— they present the entity/business line/
core business finance functions with
their findings, observations and recommendations
for the purpose of
improving certain aspects of the internal
control system for the preparation
of accounting and financial
information, reviewed in the course
of their audit.
the financial statements committee
of the board of directors is briefed
concerning accounting choices that
have material impact, as discussed
above.
128 <strong>RepoRt</strong> on CoRpoRate SoCial and enviRonmental ReSponSibility
corporate
communications
(press releases, special
presentations, etc.)
financial reports are prepared for external
publication by the investor relations
and financial information team, within
the group finance-development
function, for the purpose of presenting
the group’s different activities, explaining
its financial results and providing
details of its development strategy to
individual shareholders, institutional
investors, financial analysts and rating
agencies.
the team, which reports to executive
management and the chief financial
officer, devises the format in which financial
information is published by the group.
it liaises with the core businesses and functions
when designing the presentation
of the group’s results, strategic projects
and special presentations for external
publication.
due to the growing demands of investors
and the group’s determination to be at
the leading edge of european corporate
communications, bnP Paribas has
adopted a detailed communications
format designed to present its results
to the financial markets on a quarterly
basis. the statutory auditors are associated
to the validation phase of press
releases in connection with the close of
quarterly, half-yearly or annual financial
statements, before their presentation to
the financial statements committee
and to the board of directors.