LensCrafters 2013 Annual Report Download - page 68

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accounting principles and their consistency of application for the purposes of
preparation of the Group’s consolidated financial statements;
• reviews the regular reports on the evaluation of the Internal Control and Risk
Management System and any particularly significant reports prepared by the Internal
Audit department;
• expresses opinions on specific aspects concerning the identification of corporate risks
as well as the planning, implementation and management of the internal control
system.
• reviews the work plan prepared by the manager of the Internal Audit department.
Specific expertise on auditing is assigned to the Board of Statutory Auditors, acting as Audit
Committee, described later on in this Report. Moreover, the Financial Expert was identified
within the Board of Statutory Auditors by the Board of Directors.
The Control and Risk Committee meets whenever the Chairman deems it appropriate, usually
prior to the Board meetings for the approval of the annual, six-month and quarterly reports, or
whenever a meeting is requested to be called by him by another member.
When the Committee deemed it necessary, the management of the Company and the
Luxottica Group were invited to participate in meetings to discuss specific items on the
agenda and to review specifically the topics within their competence.
During the 2013 fiscal year, the Committee met eleven times for an average meeting of more
than two hours and it, among other activities: evaluated the financial risks for the Company
and the management criteria for transactions in derivative instruments; examined reports of
the Supervisory Board and reports regarding complaints of alleged violations of the Code of
Ethics (twice a year); reviewed the reports of the Internal Audit manager on the activities
carried out; assessed the development of activities aimed at compliance with the Sarbanes-
Oxley Act; evaluated the audit plan and the integration of same submitted over the year;
reviewed the activities carried out to identify, monitor and manage risks; and met with
representatives of various departments to review in detail the progress of specific projects or
the management of several specific risk areas.
The meetings, attended by the Chairman of the Board of Statutory Auditors, or by an Auditor
appointed by same, are regularly reported in the meeting minutes. Furthermore, certain
meetings are joint meetings between the Committee and the Board.
The Committee reports to the Board at least every six months on the activities performed.
The Committee has access to the information and the Company functions necessary for the
performance of its task as well as to work with external consultants. The Board of Directors
approved the allocation of funds totaling Euro 50,000 to the Committee for the 2013 fiscal
year in order to provide it with the adequate financial resources to perform its tasks
independently.