(Source: ICA Review, Vol.91 No.2 - Annual Report 1997-1998, pp. 81-82)
INTERIM REPORT OF THE AUDIT & CONTROL COMMITTEE FOR THE YEAR 1997
Chairman : Ivar Hansen
Members: Pal Bartus, Wilhelm Kaltenborn, Gun-Britt Martensson, Shigenori Takemoto
Permanent Secretary: Claes Thorselius
The Audit & Control Committee is issuing the following interim report for the year 1997. This will form part of the complete report for the period 1997-1998, which will be delivered to the General Assembly in 1999.
The Committee had the following composition until the General Assembly in Geneva, September 1997: Dr. Markus Schelker of Coop Switzerland (Chairman), Dr. Pal Bartus of Co-op Hungary, Mr. Ivar Hansen of NBBL, Norway, Mr. Wilhelm Kaltenborn of VdK Germany and Mr. Jacques Moreau of GNC France. At the election in the General Assembly, Dr. Bartus, Mr. Hansen and Mr. Kaltenborn were re-elected. Dr. Schelker and Mr. Moreau did not stand for re-election and those two seats were filled by Ms Gun-Britt Martensson of HSB Sweden and Mr. Shigenori Takemoto of JCCU Japan. The new Committee unanimously elected Mr. Hansen as its Chairman. Mr. Claes Thorselius, the ICA Deputy Director-General, is the permanent Secretary to the Committee.
The Committee has held two meetings during the past twelve months. The first one, in conjunction with the Geneva General Assembly, focused on a general review of the financial and organisational situation and a look at the forthcoming budget and audit work. The second meeting, in May 1998, was devoted to the 1997 Financial Statements and the Report of the Auditors. This meeting was held together with the representatives from the auditors, ATAG Ernst & Young S.A.
Through these meetings we have formed the opinion that:
1. The structure and organisation of work has functioned well and been most cost efficient.
2. The routines and control mechanisms are appropriate and well functioning.
3. The external auditors have issued a good and clean opinion in the Report of the Auditors and Financial Statements for 1997.
4. The 1997 surplus was CHF 16,832.
5. Our proposal to the 1999 general Assembly will be that:
• The 1997 Accounts are approved as presented and
• The surplus is transferred to the General Reserves.
The said Report of the Auditors and Financial Statements for 1997 is available on demand from the ICA Head Office, Geneva.