Annual Report 2010 - AdP

Report and Opinion of the Audit Committee
Águas de Portugal
Report and Opinion of the Audit Committee on the Individual Accounting Documents
1. In fulfilment of applicable legal and statutory provisions, the Audit Committee issues this Report and
Opinion on the Annual Report and other individual accounting documents of the company AdP - Águas
de Portugal, SGPS, S.A., submitted by the Board of Directors for the year of 2010.
2. The Audit Committee monitored the management of AdP - Águas de Portugal, SGPS, S.A., and the
development of its business, namely through contact with the primary individuals in charge of the company,
by attending meetings of the Board of Directors, and by reading the minutes of this board’s other meetings.
It held regular meetings which, as a rule, were attended by the Director in charge of financial matters and
the Statutory Auditor. It obtained all of the clarifications requested and the documentation considered
necessary to carry out its oversight duties.
3. The Audit Committee also verified the fulfilment of applicable legal and statutory provisions, having found
no situations of non-fulfilment, and exercised its powers in accordance with the provisions of Article 420
of the Commercial Companies Code, having assessed the accounting policies and valuation criteria used
to prepare the financial information, which it considers adequate, and having monitored the efficiency of
the risk management system, internal control system and internal auditing system.
4. Under the powers vested in it by article 13 1 e) of Decree Law no. 558/99 of 17 December, pursuant to
the wording of Decree Law no. 300/2007 of 23 August and by Order no. 14,277/2008 of the Minster of
State and Finance, published in the Official Gazette (Diário da República) Series II, no. 99 of 23 May, the
Audit Committee has verified the company’s fulfilment of the obligations established therein, having issued
the Quarterly Reports, which have been sent to the competent authorities.
5. The 2010 Annual Report and Accounts contain a separate chapter concerning proper governance
principles, organized according to the circular letter on this matter of the Directorate General for the
Treasury and Finance (DGTF), thereby fulfilling the principles of proper governance laid out in Cabinet
Resolution (RCM) no. 49/2007 of 28 March.
6. The Audit Committee has been made aware of the External Auditors’ Report on the individual accounts,
and disputes none of its content.
7. The Audit Committee has assessed the Legal Certification of the Accounts, issued by the Statutory Auditor
pursuant to legislation in force, with which it agrees, and has been made aware of the respective annual
report of the Statutory Auditor on the oversight carried out.
8. As a result of the work carried out, the Audit Committee believes that the Board of Directors’ Report
and the Individual Financial Statements (Financial Position Statement on 31 December 2010, Income
Statement by Nature, Comprehensive Income Statement, Changes in Total Equity Statement, Cash Flow
Statement for the period ending on this date and Notes to the Financial Statements) give a true and fair
view of the financial position of the company at year end, how the results were obtained and how its
business developed.
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