Annual report 2010 - plazacenters

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c) The Audit Committee
The clarity of financial information and the relevance of the
accounting principles used are monitored by the Audit
Committee (whose role has already been specified), working
in collaboration with the statutory auditors.
III) Processes contributing to the preparation
of accounting and financial information
a) Operational processes used to generate
accounting information
The financial statements of Plaza are prepared centrally at Plaza’s
corporate headquarters. The country departments are responsible
for collecting information from the local bookkeepers and
applying a series of appropriate controls to their job functions,
as defined in the corresponding procedures. The Accounting
Department has set up a system of internal collection and
verification of country data and controls carried out. This system
of control covers all Group entities.
b) Processes used to prepare the corporate and
consolidated financial statements
The financial statements for the entire scope of consolidation are
consolidated by the Accounting Department. At the end of each
year, the Executive Board validates the provisional financing plan
for the following year, which sets out the broad outlines in terms
of the balance and choice of resources, as well as interest rate
hedges. During the year, key financial transaction decisions
are submitted individually for approval. The processing and
centralization of cash flows, together with interest rate and
exchange rate hedging, are the responsibility of the Investment
Committee, which keeps a record of commitments and ensures
that they are reflected in the accounting system.
c) The Audit Committee
The clarity of financial information and the relevance of the
accounting principles used are monitored by the Audit
Committee (whose role has already been specified), working
in collaboration with the statutory auditors.
Plaza Centers N.V. Annual report 201063