Porsche 2012 Annual Report Download - page 111

Opportunities and risks of future
development
Risk report of Porsche SE
Integrated internal control and risk
management system relevant for the
financial reporting process
Porsche SE contributed its holding business
operations and in particular also its 50.1 percent
investment in Porsche Holding Stuttgart GmbH to
Volkswagen AG with economic effect as of
1 August 2012. Volkswagen AG now directly holds
100 percent of the shares in Porsche Holding
Stuttgart GmbH and thus now indirectly holds 100
percent of the shares in Porsche AG. Porsche SE’s
shareholding in the total capital of Volkswagen AG
remains unchanged at 32.2 percent as of 31 De-
cember 2012. For more details on the transaction,
we refer to the “Significant events” section of this
management report.
Organization and responsibilities
The accounting-related internal control and risk
management system that is relevant for the finan-
cial statements of Porsche SE and the Porsche SE
group is designed to ensure the complete, accurate
and timely transmission of the information required
for the preparation of the financial statements and
the combined management report of Porsche SE,
and to minimize the risk of material misstatement in
the accounts and in the external reporting.
For this purpose, key controls are integrated in-
to Porsche SE’s accounting-related internal control
and risk management system, covering the areas of
finance, treasury, investments, consolidation and
reporting with clearly defined responsibilities. On
aggregate, they are designed to ensure recording,
preparation and assessment of business matters in
financial reporting that is accurate and in compli-
ance with the law.
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