Consolidated Financial Statements and Consolidated Management ...

4) Contents and Results of the Audit Committee’s Work
The Audit Committee held twelve meetings in 2011, which covered the following matters:
a) Analysis and assessment, along with the external auditors, of the Financial Statements and the Annual Reports for 2010 and 2011, ensuring that the
auditing opinion was issued under conditions of absolute independence.
b) Review of the information relating to any issues that may endanger the independence of the auditors. Issuance of the report on the independence of
the auditors.
c) Review of periodic financial reporting prior to its analysis and approval by the Board of Directors in order to ensure said reporting is reliable, transparent
and drawn up using uniform accounting standards and principles.
d) Monitoring of the Internal Audit Plan for 2011, including an examination of its conclusions and the implementation, as appropriate, of the necessary
corrective measures.
e) Review and updating of the Group’s Risk Map. Analysis and assessment of the specific risks related to the Financial information issuing.
f) Examination of the Annual Corporate Governance Report prior to its submission to the Board of Directors for analysis and approval, placing special
emphasis on analysing how the situations of Directors and Executives had been recorded.
g) Analysis of related-party transactions in order to verify that they had been performed under market conditions, as has been the case.
h) Monitoring the most significant projects carried out by the internal auditing team. Performance of audits in Italy and Resorts. Analysis of the risks and
controls implemented.
5) Priorities for 2012
This Committee’s priorities for this year, apart from those related to drawing up and issuing public financial reporting, are focused on:
1. Continuation of the project to implement the System of Internal Control over Financial Reporting in the rest of the most significant Business Units. In
2011, the focus was on the Spain Business Unit and Corporate.
2. Development and Implementation of the Continuous Auditing Project:
- Obtaining, preparing and analysing the operational databases.
- Creation of remote audit work programmes.
- Selection of indicators
3. Analysis and review of the operational and administrative risk map with regard to hotels:
- Review and improvement of the controls implemented at present.
- Design of new controls, implementation in IT tools.
4. Evaluation of the independence of the auditors. Issuance of the report on the independence of the auditors
To conclude this report, it should be highlighted that this Committee has had access to external experts (auditors, appraisers or consultants) and members of
the economic and financial management teams whenever it has deemed it necessary in order to carry out the aforementioned work.
Madrid, 27th of March, 2012
116 ANNUAL REPORT OF THE AUDIT COMMITTE