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Audits, Document Management and Distribution Systems

Internal Audit

CEZ Group sees internal audit activities as a part of its social responsibility. The mission of internal audit is to help add value by providing independent, objective assurance and consulting services to meet the needs of CEZ Group’s entire organization structure and its statutory bodies. It provides the company’s governance bodies with assurances that all risks – substantial ones in particular – are known and under control. It thereby helps CEZ Group achieve its goals and initiates business improvements and measures to mitigate business risks. ČEZ has had an internal audit function since 1993.

In accordance with the Internal Audit Professional Practice Standards, the internal audit department is subject to a periodic (once every five years) independent assessment. The last such assessment confirmed, among other things, that internal audit’s findings and recommendations help management to improve the functioning and effectiveness of processes. Internal audit is a professional department providing quality services to its internal customers, and it has great potential for further increasing value for customers. It is fully integrated into CEZ Group’s corporate governance structure, is sufficiently independent, and has the necessary powers to duly fulfill all its tasks. It is very much appreciated by the management of ČEZ. The Head of Internal Audit Section is a member of the company’s senior management team and the department’s remit covers the entire CEZ Group, including international acquisitions.

The results of audit activities are presented to the ČEZ Board of Directors and the Audit Committee on a regular, quarterly basis.

The efficiency with which audit results are put into practice and/or reflected in relevant processes was increased in two ways – through the audited entity’s cooperation in implementation of corrective measures (e.g. in the area of management documentation) and through direct transference of recommendations lying outside the competency of the audited entity to the competent departments/entities. The systemic form of the recommendations/corrective measures improved the effectiveness of followup audits to a level enabling them to fully cover the initial audits.

Relations are maintained with other audit departments within CEZ Group (ČEZ Distribuce, Severočeské doly, Bulgaria, Romania, Albania, and Turkey).

In cooperation with the risk management department, the internal audit risk map is interconnected with the corporate risk map and updated annually. Auditing and vetting activities were coordinated between the internal audit department and the safety and quality department, to forego any duplication or conflicts in the audited entities.

Internal audit’s position within the organization structure and its guiding principles (powers and responsibilities, including its Statute and Code of Ethics) are defined in the company’s internal governance documents as well as at the corporate level.

Document Management and Distribution Systems

CEZ Group Document Management

At CEZ Group, documents serve to ensure safety and effective planning, functioning, measuring, and improvement of systems, processes, and activities in accordance with external requirements and the strategies of the individual companies. They are also used to manage projects, operate core and non-core equipment, and provide services. Documents must be interlinked.

Centrally Issued Documents

Administration of documents (record-keeping, comment and approval processes, publishing and demonstrable distribution) is accomplished using CEZ Group document management software systems (the ECM Managed Documents application or other applications operated for these purposes). Binding forms and annexes relating to issued documents are recorded and published in similar fashion.

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