In control statement
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The Board of Management is responsible for the design and operation of the internal risk management and control systems. In discharging this responsibility and to provide substantiation for the statement below, the Board of Management has assessed the effectiveness of the design and operation of the internal control and risk management systems.
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As a result of the management testing carried out in 2020, the regions and operating companies issue signed Letters/Documents of Representation to the Board of Management. The Board of Management has reviewed the Letters of Representation, along with reports from Internal Audit and the Board Report from the external auditor. It has assessed the effectiveness of the design and operation of the internal control framework and has discussed this with the Audit Committee and the Supervisory Board.
In 2020, no major failings (i.e. no failings which resulted in material losses or impact) in the design of implementation of the controls in the internal control and risk management systems were observed. In instances when a control did not operate as expected, areas for improvement were identified and remedial action plans were formalised, which plans will continue to be monitored during 2021.
Based on the information referred to above and its assessment, the Board of Management believes that:
- the report provides sufficient insight into any failings in the effectiveness of the internal risk management and control systems;
- the aforementioned systems provide reasonable assurance that the financial reporting does not contain any material inaccuracies;
- based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern basis;
- the report provides information on those material risks and uncertainties that are relevant to the expectation of the company’s ability to continue as a going concern for a period of twelve months after the preparation of this report.
In accordance with article 5:25c, section 2 sub c, of the Financial Supervision Act, the Board of Management confirms, to the best of its knowledge, that:
- the consolidated financial statements as included in Chapter 4 Financial Statements of this report provide a true and fair representation of the assets, liabilities, financial position and profit or loss of Accell Group N.V. and its consolidated companies;
- the annual report gives a true and fair view of the position on 31 December 2020, and the developments during the financial year of Accell Group N.V. and its group companies included in the consolidated financial statements; and
- the annual report includes a description of the main risks and uncertainties that Accell Group N.V. is facing.
The above statements are given on the basis that the internal risk management framework and internal control system are primarily designed to identify and control significant risks to which the company is exposed, taking into account the nature and scope of the organisation. This does not imply that these systems and procedures provide assurance as to the realisation of operational and strategic business objectives, nor that they can prevent material misstatements, inaccuracies, errors, fraud and non-compliance with legislation, rules and regulations.
Heerenveen, 4 March 2021
Board of Management
Ton Anbeek (CEO)
Ruben Baldew (CFO)
Jeroen Both (CSCO)