Banken for en verden i endring The bank for a ... - BNP Paribas

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Banken for en verden i endring The bank for a ... - BNP Paribas

• report of the Chairman / internal control procedures relating to the preparation and processing of accounting and financial information

pREpARATION Of fINANCIAL

INfORmATION ANd pERmANENT

CONTROL SySTEm

Accounting policies and rules

The local financial statements for each

entity are prepared under local GAAP. Since

1 January 2005, the Group consolidated financial

statements have been prepared under IFRS

(International Financial Reporting Standards)

as adopted for use by the European Union and

French GAAP is no longer used.

The Accounting Policies Department of the

central Group General Accounting Department

defines, based on IFRS, the accounting policies

to be applied on a Group-wide basis,

monitors regulatory changes and prepares

new internal accounting policies and interpretations

in accordance with such changes. An

IFRS accounting manual has been produced

and distributed to accounting teams within core

businesses, business lines and entities.

The central Budget and Strategic Management

Control Department draws up management

control rules that apply to all the Group’s business

lines. The Group’s accounting policies and

management control rules can be accessed by

the accounting and management teams in real

time via the Group intranet.

To define Internal Control and the general principles

underlying the workings of its Internal

Control environment, the BNP Paribas Group

relies on the framework set out in CRBF

Regulation 97-02 on internal control within

banks and investment firms, as amended by

the Decree of 31 March 2005.

Procedures and systems for preparing

consolidated financial data

The information used to prepare the BNP Paribas

Group consolidated financial statements is

derived from the Bank’s transaction processing

systems through two separate reporting channels,

one dedicated to accounting data and the

other to management data. Both data collection

channels use an integrated consolidation software

package known as Matisse (“Management

& Accounting Information System”). This integrated

consolidation package is operated and

maintained by a dedicated team within the

Group Finance-Development function. At local

level, the Finance teams enter validated financial

and accounting data into the system.

178

CORPORATE GOvERNANCE

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