TomTom 2005 Annual Report Download - page 49
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centralisedtreasuryoperationswhichmanagethe
investmentofcashbalancesandtheexposureto
currencytransactionrisks.Treasurypolicies,risklimits
andmonitoringproceduresareapprovedannuallyby
theSupervisoryBoard.
Assuranceoncompliancewithsystemsofinternal
controlandontheireffectivenessisobtainedthrough
regularmanagementreviews,controlself-assessments,
internalauditreviewsandthetestingofcertainaspects
oftheinternalfinancialcontrolsystemsbytheexternal
auditorsduringthecourseoftheiraudit.
Significantimprovementsininternalcontrolduringthe
yearincludedtheestablishmentofaTreasuryfunction,
theestablishmentofaRiskManagementandInternal
Auditfunction,andthestrengtheningoftheFinancial
PlanningandAnalysisteam.
InternalControloverFinancialReporting
Internalcontroloverfinancialreportingisaprocesswhich
ismanagedbytheGroupFinancialControllerandChief
FinancialOfficertoprovidereasonableassurance
regardingthereliabilityofmanagementandfinancial
reportinginaccordancewithgenerallyaccepted
accountingprinciples.Controlsoverfinancialreporting
includepoliciesandproceduresthat:
•
pertaintothemaintenanceofrecordsthat,in
reasonabledetail,accuratelyandfairlyreflect
transactionsandacquisitionsanddisposalsofassets;
•
providereasonableassurancethattransactionsare
recordedasnecessarytopermitpreparationof
financialstatementsinaccordancewithgenerally
acceptedaccountingprinciples,andthatreceiptsand
expendituresarebeingmadeonlyinaccordancewith
authorisationsofmanagementandthedirectorsof
theCompany;and
•
providereasonableassuranceregardingpreventionor
timelydetectionofunauthorisedacquisition,use,or
disposalsoftheCompany’sassetsthatcouldhavea
materialeffectonourfinancialstatements.
Duetoitsinherentlimitations,internalcontrolover
financialreportingmaynotpreventordetect
misstatements.Riskmanagementandcontrolsystems
providereasonableassurancethatthefinancialreporting
doesnotcontainanymaterialinaccuracies.Nomaterial
weaknesseswereidentifiedduringtheyear.These
systemsaredeemedtohavefunctionedproperlyduring
theyearunderreview,andthereiscurrentlynoindication
theywillnotcontinuetodosointheforthcomingperiod.
Amsterdam,13February2006