Poll

Control system in the process of preparing financial statements

Internal control in the Bank

Bank Pocztowy S.A. has an internal control department adjusted to its nature, risk profile and scale of its operations. The process of introducing internal control is supervised by the Supervisory Board, while the Management Board designs the system, introduces it and ensures its efficient operation.

The internal control system is a part of the management system. Its purpose is to support decision-making processes that improve efficiency of the Bank's operations, reliability of its financial reporting and compliance with the law and internal regulations.

The internal control includes risk controls, compliance controls and internal audit. Along with institutional control performed by the internal audit unit, functional control is performed on all organizational levels of the Bank by each employee. It includes quality and correctness control of activities performed and supervision roles of managers.

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

Internal control of financial statements preparation takes place:

  • in the stage of developing internal regulations that describe processes performed in the course of Bank’s operations, for their compliance with accounting regulations, in particular with International Financial Reporting standards and the Accounting Act; internal accounting regulations are regularly verified for compliance risk;
  • in the stage of ongoing operations, where entries in the Bank’s accounting records are verified in line with functional control principles;
  • in organizational units independent from operating units, where the control includes entries in the accounting records in accordance with internal General Ledger management procedures;
  • in the stage of generating input data for financial statements through algorithms that validate data in IT systems that support the reporting process;
  • in organizational units that prepare the financial statements through verification of consistency and integrity of the presented data.

 

Annual Report 2013 - Bank Pocztowy