Nors’ Administration is responsible for maintaining an appropriate internal control system. The company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of information and the preparation of financial statements for internal and external purposes, in accordance with the prudential criteria determined by the top management and in compliance with the international accounting principles and standards issued by the IASB. The company’s internal control includes policies and procedures which:
i. Pertain to keeping reasonably detailed records that accurately and fairly reflect the transactions and changes in the company’s assets, minimizing its asset risk;
ii. provide reasonable assurance that transactions are recorded as it’s required in order to make it possible to prepare the financial statements in compliance with the IFRS, allowing for the standardization of accounting of all the financial information obtained in the different Nors’ companies located in different countries;
iii. assure, with a high degree of confidence, that company income and expenditure are in accordance with authorization from the management and the administration;
iv. provide reasonable assurance regarding the prevention and timely detection of the misuse of Nors’ Assets. Due to the inherent limitations, any and all internal controls over financial reporting may not prevent the existence of errors. Additionally, projections of any evaluation of effectiveness in the future are subject to the risk that these controls may become inadequate due to changes in conditions or because the degree of compliance with policies and procedures may deteriorate.
Porto, 14 April, 2020
Board of Directors
Tomaz Jervell
Tomás Jervell
Álvaro Nascimento
Álvaro Neto
Artur Santos Silva
Francisco Ramos
Jorge Nieto Guimarães
José Jensen Leite de Faria
José Manuel Bessa Leite de Faria
Júlio Rodrigues
Luís Jervell
Paulo Jervell
Rui Miranda
