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ROS » Topics » Controls over the preparation of IFRS consolidated financial statements

This excerpt taken from the ROS 20-F filed Jun 30, 2006.

Controls over the preparation of IFRS consolidated financial statements

Currently, we and our independent consultant, Deloitte and Touche, are designing and formalizing an appropriate system of internal controls over the IFRS financial statements closing process, including reconciliation with U.S. GAAP, specifically addressing all significant processes, accounts and assertions. We plan to formally document the system in our reporting policies, which will contain appropriate checklists and document templates. Specifically, such procedures will cover obligatory testing of non-current assets and goodwill for impairment, procedures over related parties and variable interest entities and other recent accounting developments. In addition, in 2006, we plan to increase significantly the number of our internal auditors, who are appropriately qualified and skilled in order to test regularly the effectiveness of our financial statements control.

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