Porsche 2012 Annual Report Download - page 112

An internal control and risk management sys-
tem that is relevant for the financial reporting pro-
cess is also implemented in the Volkswagen group.
Details of its scope are presented in the “Risk report
of the Volkswagen group” subsection. Porsche
Beteiligung GmbH, which is included in the consoli-
dated financial statements of Porsche SE as of 31
December 2012 in addition to the Volkswagen
group, is covered by the systems implemented at
Porsche SE.
In the fiscal year 2011, Porsche SE also estab-
lished a compliance organization that is specifically
tasked with preventing breaches of laws, other legal
provisions and company-internal guidelines and
rules, and that is closely linked to the risk manage-
ment system. In particular, a compliance council
was set up, which comprises executives from the
key departments. The compliance council’s meet-
ings in the fiscal year 2012 led in particular to the
creation of guidelines and other compliance-
relevant regulations.
Key features
Porsche SE has implemented an internal control
system relevant for the financial reporting process
and guidelines that also apply for the companies
included in the consolidated financial statements.
The reporting package of the Volkswagen group
as well as the related adjustments to the carrying
amount of this investment accounted for at equity
and the inclusion and consolidation of the Porsche
SE subsidiary’s reporting package are processed at
group level.
The group accounting manual of Porsche SE
and formal instructions ensure uniform recognition
and measurement based on the accounting poli-
cies applicable at Porsche SE. The components of
the formal reporting packages required to be pre-
pared for Porsche SE are set out in detail and up-
dated regularly. The reporting dates that are rele-
vant for the reporting units are set out in a reporting
calendar.
In the course of preparation of the consolidated
financial statements, the reporting packages are
analyzed in detail and tested for plausibility. In addi-
tion, interviews are held with representatives of the
companies included in the consolidated financial
statements as part of the financial statements clos-
ing process.
The data reports are processed in a consolida-
tion system, which is based on standard software
and to which access and rights are restricted by the
existing authorization and access rules. The clear
delineation of areas of responsibility and the appli-
cation of the dual control principle during prepara-
tion of the financial statements is ensured by means
of unambiguous rules.
Testing for reasonableness, the clear delinea-
tion of areas of responsibility and the application of
the dual control principle are control mechanisms
applied during the preparation of the financial
statements of Porsche SE. At Porsche SE, provi-
sions and accruals and deferrals are set up, and
the recoverability of the company’s equity invest-
ments included in the balance sheet are checked in
cooperation with the departments. These figures
2The company
Group management report
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