IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 38. Other functions The Statutory Audit Committee, in coordination with the Statutory Auditor, is responsible for the auditing of the Company, namely: - Supervise the management of the Company; - Verify that the accounting policies and valuation criteria adopted by the Company lead to a correct valuation of assets and results; - Continuously monitor the effectiveness of the risk management system and the internal control system; - Verify the accuracy of the accounting documents, accompanying the process of preparation and disclosure of financial information, and presenting recommendations to ensure the integrity of the same; - Supervise the audit of accounts; - Receive notifications of irregularities presented by shareholders, Group employees or others; - To prepare annually a report on its audit action directed at shareholders, including the des- cription of the inspection activity carried out, any detected constraints and to give an opinion on the report and accounts, as well as on the proposals presented by the management; It is also responsible for making proposals to the General Meeting for the appointment of the statutory auditor and examining the auditor’s independence, particularly as regards the provision of additional services. The annual report on the work of the Audit Committee is published, together with the finan- cial statements, on the Company’s website. To all effects, the Statutory Audit Committee represents the company in relation to the ex- ternal auditor, ensuring that all the conditions of service provision are ensured, annually assessing the auditor’s performance, acting as the auditor’s main contact and receiving its reports, jointly with the Board of Directors. To perform its functions the Statutory Audit Committee obtains from the Board of Directors the information it needs in order to carry out its activity, namely information on the Group’s operations and finances, changes in the composition of the Group’s portfolio of companies and businesses and the content of the main resolutions adopted by the Board. 159