Internal audit

The internal audit and risk management system is implemented in the process of preparing the financial statements and consolidated financial statements through the following:

 

In order to ensure consistent accounting principles based on International Financial Reporting Standards approved by the European Union the Accounting Policy of TAURON Polska Energia S.A. Group (Accounting Policy) was developed and implemented in the TAURON Group. This document is accordingly updated in case the regulations are amended. The rules defined in the Accounting Policy are applicable to TAURON’s standalone financial statements and TAURON Group’s consolidated financial statements. The TAURON Group’s subsidiaries are obligated to apply the Accounting Policy when preparing the reporting packages to provide the basis for preparing TAURON Group’s consolidated financial statements. The reporting packages are validated by the holding company’s Consolidation and Reporting Office and by an independent certified auditor during an audit or review of TAURON Group’s consolidated financial statements.

The company employs procedures to authorize the financial statements. The company’s quarterly, mid-year interim and full year financial statements and the TAURON Group’s consolidated financial statements are approved by the Management Board before publication. TAURON’s full year financial statements and the TAURON Group’s consolidated financial statements are additionally presented for evaluation to the Supervisory Board before publication. The Vice President of the Management Board for economic and financial affairs (Chief Financial Officer) oversees the preparation of financial statements, while the management boards of subsidiaries subject to consolidation are responsible for preparing reporting packages for the TAURON Group’s consolidated financial statements.

The Supervisory Board includes the Audit Committee of TAURON Polska Energia S.A., whose members, powers and activity description are provided in clause 6.11.3 of this report.


The TAURON Group’s subsidiaries maintain accounting ledgers constituting the basis for preparing financial statements using ERP financial and accounting computer systems. Consolidated financial statements are prepared using an IT tool to consolidate financial statements.

The TAURON Group’s subsidiaries have implemented IT and organizational solutions to control access to the financial and accounting system and ensure adequate protection and archiving of the accounting ledgers. Access to IT systems is restricted based on applicable access rights assigned to authorized personnel.

Due to the ongoing integration of the accounting functions and the transfer of the TAURON Group’s individual subsidiaries’ financial and accounting services to CUW-R (Shared Cervices Center – Accounting) the TAURON Group’s financial and accounting processes are undergoing gradual unification. The subsidiaries are adjusting their own procedures to the flow of the financial and accounting processes, taking into account the specifics of the individual segments.

The company has an Internal Audit Department that is responsible for planning and implementing audit tasks, advisory tasks and performing commissioned ad-hoc inspections. The methods and rules for implementing the internal audit function are defined by the Internal Audit Regulations in the TAURON Group and the rules of cooperation in force in the TAURON Group’s individual subsidiaries. In implementing the internal audit function the company acts in compliance with the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing.

The company’s full year financial statements and the TAURON Group’s full year consolidated financial statements are subject to an audit by an independent statutory auditor. The company’s and the TAURON Group’s interim financial statements and consolidated financial statements are subject to review by a statutory auditor. In 2013 the company selected a single entity authorized to audit and review financial statements for the TAURON Group’s most important subsidiaries and its consolidated financial statements. This agreement was concluded with an entity authorized to audit financial statements to conduct an audit of the 2013-2015 financial statements.

By way of Supervisory Board resolution no. 343/II/2010 of August 27, 2010 a rule on changing the entity authorized to audit the company and the TAURON Group’s financial statements at least once every five financial years has been adopted. An entity authorized to audit the company and the TAURON Group’s financial statements may resume these activities following the elapse of two financial years.

 

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Letter from the President of the Management Board [43KB PDF]Open
Auditor's Opinion [477KB PDF]Open
Consolidated annual report for the year 2014 [3MB PDF]Open
Standalone annual report for the year 2014 [1MB PDF]Open
Quarterly Reports 2014 [4MB ZIP]Open
Consolidated annual report for the year 2013 [4MB PDF]Open
Consolidated annual report for the year 2012 [8MB PDF]Open
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FY 2014 Selected figures [24KB XLSX]Open
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