According to §8 sec. 7a of the Statutes of the Kredyt Inkaso S.A. the function of the Audit Committee will be performed by Supervisory Board as a whole.
Powers and responsibilities of the Committee include supervision over financial reporting, internal control, risk management and internal and external audits in the Company. Powers of the Committee include in particular:
- evaluation made with the participation of authorized employees of the Company and the statutory auditor of the following:
- correctness of financial and accounting reports of the Company
- all changes in accounting and financial reports of the Company, ordered by the management or statutory auditor of the Company,
- reflection of significant kinds of risk in account books of the Company;
- evaluation and presenting to the Supervisory Board recommendations in the scope of: audited annual financial statements of the Company and the opinion of the statutory auditor on the statements, explanations obtained from the management of the Company relating to all significant differences between comparable reporting periods, as well as, respectively, recommendations relating to approval by the Supervisory Board of audited annual financial statements, significant, published financial documents and reports for supervision authorities, annual and half-year financial statements and reports for the bodies supervising subsidiaries of the Company.
- consulting with auditors the process of internal control, completeness and suitability of financial statements of the Company as well as the possibility of generating precise and reliable financial information about the Company,
- control over key agreements concluded by the Company taking into consideration correspondence of their terms and conditions to market conditions,
- presenting to the Supervisory Board recommendations with regard to appointment of the statutory auditor,
- evaluation of the terms of agreement with the statutory auditor related to the audit of the financial statements of the Company,
- evaluation of the independence of the statutory auditor,
- approving remuneration of the statutory auditor,
- evaluation of the results of the statutory auditor’s work and recommending to the Supervisory Board or the Management Board termination of the agreement between the Company and the statutory auditor of the Company in the situations justified with extraordinary circumstances.
Audit Committee performed the mentioned above duties in the process of drawing up these financial statements.