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Department during the implementationphase of the centrally
co-ordinated evaluation system, to confirm that they
continue to operate effectively and efficiently. These officers
are required to submit an attestation every six months con-
firming that the internal control system is operating properly.
This signed attestation is sent to Prysmian Group's Chief
Financial Officer, the Managers responsible for preparing
corporate accounting documents, and to the Head of Internal
Audit. To support this attestation the officers must also
confirm that they have specifically tested the operation of
key controls and that evidence supporting their conclusions
has been retained for future independent review. To achieve
this, Prysmian requires each operating company to submit
a detailed "Internal Control Questionnaire" (ICQ). These ICQs
document the key controls for each critical business process
and describe how the control works in that reporting entity
and what type of tests have been performed in the reporting
period to confirm the adequacy of the control. The ICQs are
updated every six months by the owners of each process.
The Internal Audit Department centrally reviews the ICQ sub-
missions and accordingly will select a number of reporting
entities or processes for detailed follow-up audits to confirm
the integrity of the submission. An action plan is agreed
with each reporting entity to strengthen existing controls or
rectify any specific weaknesses.
The Group believes that the number of processes analysed
and reporting entities incorporated within the evaluation
system is sufficient to satisfy its ongoing Law 262/05 ob-
ligations.