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Why is there a need for additional EC-guidance on Art 41 of the 8th Directive

November 2008
Corporate GovernanceAssociation

Abstract

Participants in capital markets expect more from company boards and audit committees than ever before. Shareholders expect (and deserve) transparent and reliable information on all significant organisational aspects, not limited to financial reporting.. To assume this fiduciary responsibility, the board/audit committee will look for objective assurance services provided by both its external and internal auditor.

Author

Company

FIAT SpA

Fiat Group is known as one of the automobile industry’s founders but, in a century of history, Fiat has also meant more than this. In fact, it has focused its attention on the production of all forms of people and goods mobility: from automobiles to trucks, from agricultural to commercial vehicles, from naval engines to aeronautical and space shuttles. Moreover, the complexity of this Group also arises from the worldwide spread of its offices and Plants located in all continents and entering or gaining “new” and exciting markets like that of the Far East. Such a kind of Group needs a huge number of auditors and a very strong Internal Audit Function. In 1976 Fiat Revi S.c.r.l. was established by Fiat SpA and the leading group companies which selected the Consortium as the appropriate legal status. Fiat Revi’s head office is in Turin, since 1997, it has established branches in certain strategic countries (France, Germany, Poland, Brazil - for Latin American Area - and China for the “Far East”). These entities operate with local personnel who are managed and trained by audit managers under the supervision of the Turin Headquarters. ' Ê +39 011.0062176 * mauro.digennaro@fiatgroup.com

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