Tiscali 2014 Annual Report Download - page 187
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Tiscali SpA 2
Report of the Board of Statutory Auditors
e) we have assessed and overseen the adequacy of the internal audit system and the
administrative-accounting system as well as the reliability of the latter to correctly
represent the operating events, by means of i) the examination of the reports of the
Executive appointed to draw up the corporate accounting documents on the Adminis-
trative and Accounting Set-up and on the Internal Audit System on Corporate Disclo-
sure produced six-monthly; ii) the examination of the Internal Audit reports; iii) the
dealings with management and with the audit body of the subsidiary Tiscali Italia SpA,
pursuant to Article 151, sections 1 and 2 of Italian Legislative Decree No. 58/98; iv)
participation in the work of the Risk Management Committee, set up within the
sphere of the Board of Directors and made up of three members of which two are in-
dependent members of said board; v) obtaining information from the heads of the re-
spective divisions; vi) the examination of the company documents and the analysis of
the results of the work carried out by the independent auditing firm. The work carried
out has not revealed any situations or critical aspects which might suggest the Internal
Audit System is inadequate;
f) we have taken note and obtained information on the organisational and procedural
activities entered into as per Italian Legislative Decree No. 231/2001 and subsequent
amendments and additions on the administrative liability of Entities for the offences
envisaged by said legislation. These activities are illustrated in the Report on corpo-
rate governance and ownership structure. The Supervisory Body reported on the activ-
ities carried out during 2014 without indicating events or situations which must be
highlighted in this report;
g) In the report on operations and the explanatory notes to the statutory and consolidat-
ed financial statements - as per the Regulations for carrying out related party transac-
tions, which came into force on 1 January 2011 - the Board of Directors provided in-
depth illustration of the transactions entered into with subsidiaries and related par-
ties, clarifying the economic effects. Transactions with related parties have been ana-
lytically indicated in the report on operations where the balance sheet and income
statement balances are summarised; therefore, reference should be made to the spe-
cific section in the consolidated financial statements “Transactions with related par-
ties”. We have not become aware of the existence of any atypical or unusual transac-
tions with third parties, Group companies or related parties;
h) no charges/complaints pursuant to Article 2408 of the Italian Civil Code were received
during the year, including those from third parties;
i) we held meetings with the representatives of the independent auditing firm, as per
Article 150.2 of Italian Legislative Decree No. 58/98 and Article 19.1 of Italian Legisla-