Page 131 - KELAG Annual Report 2017
P. 131

certification  body  “Austrian  Standards”,  certification  in   at  regular  intervals. These  contain  consistent  accounting
                    accordance with the international standard ISO 19600 was   policies  on  the  recognition,  posting  and  accounting  for
                    also obtained for the first time in October. The standard is   transactions that must be complied with by all companies
                    aimed  at  preventing  any  behaviour  of  managers  or   concerned throughout the Group. In order to ensure high-
                    employees  that  would  violate  regulations.  Further   quality and prompt action in the event of an enforcement
                    objectives  include  the  evaluation  of  the  effectiveness  of   procedure, KELAG has implemented a corresponding policy.
                    compliance measures and the communication of these as
                    well as ongoing process improvement.          The  financial  reporting  systems  are  protected  by  access
                                                                  rights.  In  addition,  the  various  processes  involve
                                                                  compulsory, automatically triggered control and approval
                                                                  steps.


                                                                  To avoid any misstatements, automatic controls have also
                                                                  been  implemented  in  the  reporting  and  consolidation
                    In  accordance  with  Sec. 82  AktG  (Austrian  Stock   system along with a range of manual controls in the process.
                    Corporations  Act),  it  is  the  responsibility  of  the  Board  of   These measures range from a review by management of the
                    Directors  to  install  an  adequate  internal  control  and  risk   profit  or  loss  for  the  period  through  to  the  specific
                    management  system  relating  to  the  financial  reporting   reconciliation of accounts.
                    process.  KELAG’s  Board  of  Directors  has  accordingly
                    adopted policies that apply group-wide with binding effect.  Risk management covers not only operating risks but also
                                                                  the financial reporting system. Potential risks relating to the
                    KELAG’s  business  management  function  is  primarily   financial reporting process are surveyed on a regular basis
                    responsible for the preparation of all the separate financial   and preventive measures are taken. The focus is placed on
                    statements of the individual group entities as well as the   those risks that typically qualify as material for the company.
                    current  consolidated  financial  statements.  KELAG’s
                    financial  reporting  process  is  based  on  accounting   Compliance and the quality of the internal control system
                    standards as well as corporate instructions that are updated   are monitored on an ongoing basis as part of internal audits.
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