Page 138 - Annual Report KELAG Group 2018
P. 138

adopted  policies  that  apply  group-wide  with  binding   To avoid any misstatements, automatic controls have also
           effect.                                       been  implemented  in  the  reporting  and  consolidation
                                                         system  along  with  a  range  of  manual  controls  in  the
           KELAG’s accounting function is primarily responsible for the   processes.  These  measures  range  from  a  review  by
           preparation of all the separate financial statements of the   management of the profit or loss for the period through to
           individual group entities as well as the current consolidated   the specific reconciliation of accounts.
           financial statements. KELAG’s financial reporting process is
           based  on  accounting  standards  as  well  as  corporate   Risk management covers not only operating risks but also
           instructions  that  are  updated  at  regular  intervals.  These   the financial reporting system. Potential risks relating to the
           contain consistent accounting policies on the recognition,   financial reporting process are surveyed on a regular basis
           posting  and  accounting  for  transactions  that  must  be   and preventive measures are taken. The focus is placed on
           complied with by all companies concerned throughout the   those  risks  that  typically  qualify  as  material  for  the
           Group. In order to ensure high-quality and prompt action in   company.
           the  event  of  an  enforcement  procedure,  KELAG  has
           implemented a corresponding policy.           Compliance and the quality of the internal control system
                                                         are monitored on an ongoing basis in internal audits.
           The accounting systems are protected by access rights. In
           addition,  the  various  processes  involve  compulsory,
           automatically triggered control and approval steps.
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