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Control system in the process of preparing financial statements

Internal control in the Bank

The Bank has an internal control system adjusted to the risk nature and profile, as well as to the Bank’s operation scale. The Supervisory Board supervises implementation of the internal control system, while the Management Board designs it, implements and ensures its efficient operation.

The internal control system is embedded in the management system. The purpose of the internal control system is to support decision making processes that contribute to efficiency and effectiveness of the Bank’s operations, reliability of financial reporting and compliance with external and internal regulations.

The internal control system includes risk controls, compliance check and internal audit. Along from the institutional control performed by internal audit, functional control performed on all organizational levels by each employee with regard to quality and correctness of performed activities and by managers as an element of their supervisory duties constitutes the other element of the control system.

Detailed principles of operating the internal control system are determined by internal regulations of the Bank. The internal control system includes all processes performed in the Bank, including the preparation of financial statements.

The internal control of financial statements takes place: