Tiscali 2013 Annual Report Download - page 48

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
48
First of all attention is paid to the checks at corporate level, which can be connected to
information/data and to the related statements, which must be identified and assessed both through
the monitoring of the repercussion at the process and at a general level. Checks at corporate level are
aimed at preventing, identifying and offsetting any significant errors, even if not operating at a process
level.
Assessment of checks in relation to identified risks
The assessment of the checking system used is carried out in accordance with various elements:
timeliness and frequency: sufficiency; operational compliance; and organisation assessment. The
overall analysis of checks for each risk is autonomously defined as a summary of the assessment
process at the level of adequacy and compliance that corresponds to those checks. The analyses sum
up considerations about the effectiveness and efficiency of the checks on each individual risk and the
overall assessment of the management of risks is broken down into assessments of existence,
appropriateness and compliance. The information flows with the results of the activity are supplied to
the management bodies by the Executive in charge of drawing up the Company’s accounting
documents.
B) Roles and functions involved.
The Executive in charge is in essence at the top of a system that supervises the formation of the
financial information and takes steps to inform the senior management in this connection. With the
purpose of pursuing his/her assignment, the Executive in charge has the option of specifying the
organisational lines for an appropriate structure in the context of his/her own duties; he/she has the
resources and tools to carry out the work; and has the option of working with other organisation units.
A series of corporate functions contribute to providing information of an economic-financial nature.
Thus, the Executive in charge sets up a systematic and fertile relationship with said functions. The
Executive in charge is required to inform the Board of Statutory Auditors in good time if any critical
items of an accounting, asset or financial nature were to emerge.
The Consolidated Accounts Function serves as an intermediate level and as a link between the
Executive in charge and the Administrative Reporters within the Tiscali Group, arranging to gather,
check, assemble, and monitor the information received from the latter. The Consolidated Accounts
Function cooperates with the Executive in charge with regard to the documentation of the accounting
processes and their related updating over time. The Administrative Reporters of the Group gather the
operating information, check it and guarantee the appropriate information flows with regard to
compliance with the outside regulations involved from time to time.
A constant flow of information is expected between the three levels described above, by means of
which the Reporters inform the Consolidated Accounts Division, and the Executive in Charge, in
accordance with the formalities under which the work of management is carried out and the process of
preparing accounting and financial documents is checked for any critical items emerging during the
period and for the remedial action to overcome any problems.
It is believed that the model used will enable sufficient guarantees to be provided for correct
accounting and financial information.