Annual Report 2023

50. Individuals, Boards or Committees Responsible for the Internal Audit and/or Implementation of the Internal Control Systems

The Internal Audit department assesses the quality and effectiveness of the internal control and risk management systems that are set by the Board of Directors, namely those established in the Group’s Risk Management Policy.

The internal control objectives involve the assurance of the operational efficiency, the financial and operational reporting consistency and the fulfilment of applicable laws and regulations. To ensure it, the Internal Audit Department activity plan takes in consideration the evaluation of the operational risks and the critical processes applicable to each Company.

The results of the internal audits are made available, on a monthly basis to the Internal Control Committee – which reports to the Audit Committee – and to the Group’s Managing Committee. Each quarter, these reports are presented to the Audit Committee, which responsibilities with regard to risk management are described in point 52.. With the same regularity, a report is prepared regarding the status of the recommendations agreed with the audited areas managers.

The structure of the Company’s internal control system is described in point 52. comprising, among others, the functions of risk management, supervision/compliance, and internal audit.

During 2023, there were audits performed over stock management, cash collection, management of accounts payable and receivable, supplementary income, quality assurance and food safety, investments, information systems, and the Business Continuity Plans (BCP), among others.

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