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FTE » Topics » Activity during 2004

This excerpt taken from the FTE 20-F filed May 17, 2005.

Activity during 2004

 

The Audit Committee met 15 times in 2004. The Audit Committee met regularly with the Company’s executive officers and the principal managers of the Group Finance Department, as well as the internal audit and risk control director and the statutory auditors, in order to examine their action plans and the work that had been accomplished.

 

The Audit Committee notably examined the following issues in 2004:

 

  n   budgets for 2004 and the second half of 2004;

 

  n   corporate and consolidated accounts for 2003 and management report;

 

  n   report on the board of directors’ activities and internal control for the 2003 financial year;

 

  n   report on the accounts closing by the statutory auditors;

 

  n   distribution to the shareholders in relation to the 2003 financial year;

 

  n   half-yearly accounts;

 

  n   revenues and main results for the first and third quarters of 2004;

 

  n   reconciliation between the accounts based on U.S. GAAP and French GAAP for the annual and half-year accounts and the Form 20-F;

 

  n   review of off-balance sheet commitments and litigation;

 

  n   work schedule for the internal audit for 2004;

 

  n   update on the progress, key options and foreseeable impact of the IFRS accounting standards and the project launched to apply the Sarbanes-Oxley Act;

 

  n   planned offers relating to the repurchase of minority interests in Orange and Wanadoo;

 

  n   planned disposals (Orange Denmark, cable network) and transactions with France Telecom’s minority partners in BITCO (Thailand) and TP SA (Poland, with the partner Kulczyk Holding); and

 

  n   update on proceedings and investigations by the European Commission.

 

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