Internal auditing and risk management
The Internal Auditing unit reports directly to the Management Board, and prepares an audit plan and annual activity reports for the previous financial year. The Management Board discusses these documents with the members of the Supervisory Board. The effectiveness of the company's risk management system is evaluated by the auditor on the basis of the prepared documents. This auditor's report is presented to the Management Board as well as to the Supervisory Board. The Audit Committee of Semperit contracted an external evaluation to examine the effectiveness of the company’s risk management system. The results were reported to the Supervisory Board. The internal control system (ICS) established in the Semperit Group serves to ensure the effectiveness and profitabilityof business operations, the integrity and reliability of financial reporting and adherence to important laws and regulations. It is being continually updated and expanded by the internal auditing unit and the related departments in the company as a means of supporting the early identification and ongoing monitoring of risk. In the 2010 financial year, the ICS was subject to an external evaluation, the results of which were reported to the Supervisory Board.
