Annual Report 2009/10 Excellence in Retailing - Douglas Holding

62 Management Report
Key results
Business activities and operating environment
Net assets, financial position and result of operations
DOUGLAS HOLDING AG
Subsequent events
Control system and success factors
Opportunities and risks situation
Statutory disclosures
Forecast and overall assessment
AppelrathCüpper: always presenting itself with top fashion – like here in Münster.
both in terms of content and time. The financial statement preparation process is also
presented in detail in a scheduling plan that contains the single steps by due date and
responsibility.
To assure the reliability, confidentiality and availability of the data, clear access rules
are defined in the accounting-related IT systems. Each Group company in Germany and
abroad is subject to these rules, which are summarized in an IT safeguarding manual
and its compliance is monitored across the Group by the corporate internal audit division.
This ensures that the user of the systems only has access to the information and systems
required to fulfill the user’s duties.
As part of the year-end audit, the independent auditor examines selected internal controls
and assesses their effectiveness. In addition, the financial statements of all material
companies are audited by local independent auditors. The compliance of accounting standards
and the accuracy and completeness of all other decentralized documents that are
of relevance to the consolidated financial statements are examined.
Management’s overall assessment of the DOUGLAS Group’s risk exposure
The basis of assessing the risk situation is the DOUGLAS Group’s regular discussions
about the risks and opportunities management system with the internal management of
the subsidiaries at the Board Meetings.
Included among the main types of potential risks for the DOUGLAS Group are those
caused by factors that cannot be influenced or only indirectly influenced such as the state
of the national and international economies and the associated change in purchasing
power. Another type of risk is generally of an operational nature, which can be combated
directly by taking all appropriate steps in the companies.