4 travnja 2017

Internal controls

The Board of Directors has overall responsibility for Arena Hospitality Group’s system of internal control and for reviewing its adequacy and effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and aims to provide reasonable but not absolute assurance against material misstatement.

In order to discharge that responsibility in a manner that ensures compliance with laws and regulations and promotes effective and efficient operations, the Directors have established an organisational structure with clear operating procedures, lines of responsibility and delegated authority. Arena Hospitality Group has internal control and risk management systems in place in relation to its financial reporting process and its process for preparing consolidated accounts. These systems include policies and procedures to ensure that adequate accounting records are maintained and transactions are recorded accurately and fairly to permit the preparation of consolidated financial statements in accordance with IFRS as adopted by the European Union.

The Audit Committee formally reviews the operation and effectiveness of Arena Hospitality Group’s internal control policies and procedures for the identification, assessment and reporting of risks. Where any significant failings or weaknesses are identified from such review, necessary actions are taken to remedy these.