IBERSOL | 2019 Annual Report
2019 ANNUAL REPORT 5HVSRQVLELOLWLHV RI 0DQDJHPHQW DQG WKH 6XSHUYLVRU\ %RG\ IRU WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV 0DQDJHPHQW LV UHVSRQVLEOH IRU WKH SUHSDUDWLRQ RI FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ RI WKH *URXS¶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¶V DELOLW\ WR FRQWLQXH DV D JRLQJ FRQFHUQ DQG GLVFORVLQJ DV DSSOLFDEOH WKH PDWWHUV WKDW PD\ FDVW VLJQLILFDQW GRXEW DERXW WKH *URXS¶V DELOLW\ WR FRQWLQXH DV D JRLQJ FRQFHUQ 7KH VXSHUYLVRU\ ERG\ LV UHVSRQVLEOH IRU RYHUVHHLQJ WKH *URXS¶V ILQDQFLDO UHSRUWLQJ SURFHVV $XGLWRUV¶ 5HVSRQVLELOLWLHV IRU WKH $XGLW RI WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV 2XU UHVSRQVLELOLW\ LV WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV DV D ZKROH DUH IUHH IURP PDWHULDO PLVVWDWHPHQWV ZKHWKHU GXH WR IUDXG RU HUURU DQG WR LVVXH DQ DXGLWRUV¶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¶V LQWHUQDO FRQWURO HYDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG GLVFORVXUHV PDGH E\ PDQDJHPHQW 293
Made with FlippingBook
RkJQdWJsaXNoZXIy NDkzNTY=