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main Features oF the internal control
and risk management sYstem as it relates
to the group’s accounting process
PUMA SE’s Managing Directors are responsible
for the preparation and accuracy of the
Consolidated Financial Statements and the
Group Management Report. The consolidated
financial statements were prepared in
accordance with the International Financial
Reporting Standards that apply in the EU
and the requirements of the German Commercial
Code (HGB) and the German Stock
Corporation Act (AktG). Certain disclosures
and amounts are based on current estimates
by management.
The Company’s Managing Directors are
responsible for maintaining and regularly
monitoring a suitable internal control and
risk management system covering the con-
pUMa BUsiness and sUstainaBility RepoRt 2012
solidated financial statements and the disclosures
in the Group management report.
The control and risk management system is
designed to ensure the compliance and reliability
of the internal and external accounting
records, the presentation and accuracy
of the consolidated financial statements
and the Group management report and the
disclosures contained therein. The internal
control and risk management system
is based on a series of process-integrated
monitoring steps and encompasses the
measures necessary to accomplish these,
internal instructions, organizational and
authorization guidelines, a Code of Conduct
and a Code of Ethics, a clear separation of
ManageMent RepoRt
functions within the Company and the dualcontrol
principle. The adequacy and operating
effectiveness of these measures are
regularly reviewed in internal audits.
For monthly financial reporting and consolidation,
PUMA has a Group-wide reporting
and controlling system that allows it to regularly
and promptly detect deviations from
projected figures and accounting irregularities
and, where necessary, to take countermeasures.
The risk management system can regularly,
as well as on an ad-hoc basis, identify
events that could affect the Company’s
economic performance and its accounting
process so that it can analyze and evaluate
the resulting risks and take the necessary
actions to counter them.
In preparing the consolidated financial
statements and the Group management
report, it is sometimes necessary to make
assumptions and estimates that are based
on the information available on the balancesheet
date and which will affect the amounts
of the assets and liabilities, income and
expenses and contingent liabilities that are
reported, as well as how these are classified.
The Administrative Board’s Audit Committee
meets regularly with the independent,
statutory auditors, the Managing Directors
and the internal audit department to discuss
the results of the statutory audits of
the financial statements and the internal
audits with respect to the internal control
and risk management system as it relates
to the accounting process. The statutory
auditor reports to the Administrative Board
in the meeting to discuss the annual financial
statements.