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Audit

VERIFICATION AND APPROVAL OF THE ANNUAL FINANCIAL STATEMENT

 

The Annual Financial Statement shall be verified by the chartered accountant or by the specialized auditing company appointed by the General meeting, which shall be responsible for the its impartial and in good will verification and for the non-disclosure of The Company's confidential information. The Annual Financial Statement cannot be approved by the General Meeting without such verification.

The verification shall aim to ascertain whether the current legal requirements for the Annual Financial Statement have been duly met.

In case the General meeting has failed to elect a chartered accountant after the expiry of calendar year, the court shall appoint a chartered accountant upon the request of the Managing Board, the Supervisory Board or any shareholder.

After the receipt of the Report of the chartered accounted or the specialized auditing company, the Managing board shall present to the Supervisory Board the Annual Financial Statement of The Company, the Report of the activity of the Managing board and the Report of the chartered accounted or the specialized auditing company. The Managing board shall also present the proposal for distribution of the profit to be proposed to the General meeting.

At a meeting of the Supervisory board the Supervisory board shall check the Annual Financial Statement of The Company, the Report of the activity of the Managing board and the Report of the chartered accounted or the specialized auditing company and the distribution of profit proposal and after approving them shall make a decision to convoke a regular General meeting of The Company.

The Annual Financial Statement duly checked and approved by the General meeting shall be presented at the Commercial register.

 

 

Audit Committee

 

In May 2009 the GMS elected for the first time an Audit Committee to the Supervisory Board. Members of the AC are the independent member of the SB, with a financial education and competences and management experience, two external for the Group experts with appropriate education and experience. The activity of the AC is stated in the Statute (Regulations) for its activity.

Statute (Regulations) of the Audit Committee (pdf, 163KB)

 

Internal Control


The Group’s internal control system is subject to constant monitoring by both each company for itself and IHB as a whole. At the level of the Holding, Internal Control Department is established that monitors the activity and finances within the IHB Group and conducts current and periodical reviews of the system and processes within IHB and each Group company.