AMPER, SA and Subsidiaries Consolidated Financial Statements for ...

i) Approval of the auditing plans
ii)
iii)
iv)
Establishing who is to execute the same
Evaluating whether work performed is sufficient
Revising and evaluating the results and considering the effect of the same on the
financial information
v) Establishing the order of priority of the corrective actions and monitoring them
The Internal Auditing managers are responsible for supporting the Auditing Commission in its
supervision of the correct design, implementation and operation of the information and internal
control systems, including the ICSFI.
There is a discussion procedure through which the accounts auditor (pursuant to what is
established in the NTA), the internal auditing service and other experts can inform upper
management, the Auditing Commission or the Company Directors of any significant
weaknesses in internal control identified during the review process for the annual
accounts or any other aspects entrusted to them. Likewise, this procedure will provide
information on whether or not there is an action plan to correct or mitigate the
weaknesses observed.
The Auditing Commission meets at least once every three months (prior to the publication of the
standardised information) in order to obtain and analyse the information needed to comply with
the duties entrusted to it by the Board of Directors.
At said meetings the Annual and Half-Yearly Accounts are analysed in depth, as are the
Group’s intermediate quarterly statements and any other information made available to the
market. In order to carry out this process, the Auditing Commission firstly receives all of the
documentation and holds meetings with Financial Management (those responsible for the
drafting of the financial information), the Heads of Internal Auditing and the Accounts Auditor in
the case of Annual and Half-Yearly Accounts, in order to ensure the correct application of
current accounting standards and the reliability of financial information. Furthermore, during this
discussion process any possible weaknesses identified in the ICSFI are analysed and, where
appropriate, the ways of correcting these are discussed and the status of any existing measures
is discussed. Thus, on a yearly basis and within the framework of the ICSFI, the Auditing
Commission reviews and approves any action plans proposed by Internal Auditing in order to
correct or mitigate any weaknesses observed.
For his part, the Group’s accounts auditor has direct access to the Group’s Upper Management,
holding regular meetings, both to obtain the information required to do his work and to make
known any weaknesses in control detected during the same. Regarding this last aspect, every
year the external auditor submit a report to the Auditing Commission, outlining the weaknesses
in internal control detected during the performance of his work. This report includes the
comments of Group Management and, where applicable, the action plans put in place to
address the corresponding problems in internal control.