Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.276.3. EXTERNAL CONTROL6.3.1. Statutory AuditorThe Shareholders’ Meeting held on March 24of 2009 appointed audit firm Deloitte as theStatutory Auditor; it started functions on April1 of 2009.Along 2009, the Statutory Auditor exercisedits functions in an independent, autonomousway, according to the functions assigned toit by law; no situations of incompatibility orinability rose in relation to it.As a result of its evaluations conductedalong the year, the Statutory Audit Officefound no material deviation in the operationof the Corporation, nor in the course of itsbusiness.The Audit Committee, in compliance with itsresponsibilities, checked the Statutory Auditwork plan for the year 2009, the results of itsevaluations, and its independence. It alsoevaluated the delivery of its services, withpositive results.As a result of the work carried out during2009, the Statutory Auditor issued an unqualifiedopinion on the Financial Statements,saying that they reasonably reflect theCompany’s financial situation as ofDecember 31 of 2009.6.3.2. Superintendency ofDomiciliary Public UtilitiesAs result of the work conducted in 2009, theManagement and Results External Auditor,concluded:The degree of development of theCompany’s internal control system is adequate,corporate control is strong, andcompliance with the control objectivesestablished by the Management, andwith the aspects indicated by Law 142 of1994, as well as Resolution 053 of 2000issued by the Energy and Gas RegulatoryCommission –CREG–, was effective.The Company’s risk level as of Decemberof 2009 is low.ISAGEN has an adequate corporate riskmethodology that allows identification,assessment, treatment and monitoring ofthose events that represent an attemptagainst corporate objectives.No situations were observed that may jeopardizethe Company’s financial viability.The Company shows an adequate workstructure; its competitive strategy agreeswith its mission and vision; the Board ofDirectors and Management are well focusedon the Company’s growth strategy;the Company carried out its corporatepurpose abiding by the provisions of theBylaws and Laws 142 and 143 of 1994.The Company complies with the currentratio and the financial expenses coverageindicators. Operating margin indicatorsas well as accounts receivable andaccounts payable turnovers do not meetthe reference set by the Superintendencyof Domiciliary Public Utilities, althoughthey show adequate level according to theCompany’s management policies.6.3.3. National GeneralAuditing OfficeIn 2009, the Integrated Opinion of theNational General Auditing Office brought toa close the Company’s account for fiscalyear 2008. A favorable and unqualified opinionwas issued, just like the previous year.Management of processes was rated asfavorable.Mission management is duly developedin the strategic goals.The Company’s management of contractsadjusted to regulation in force.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management