Vopak prepares its financial reports using reliable systems with clear procedures, solid internal controls and integrity in its reporting. The various duties are segregated, performed by trustworthy professionals and tested in specific audits. The results of internal and external audits are discussed with terminal and divisional managers each quarter. Vopak pays a great deal of attention to these procedures. We use a finance excellence model to support terminals and divisions in developing their financial departments.
Reports are prepared using a clearly-defined, mandatory process with regular consultation across the management layers involved. The reports and related discussions are not limited to the financial results but also cover key operational, human resources and commercial performance indicators. Joint ventures are included in this process and there is at least one Vopak representative in a supervisory role in the organization who pays particular attention to these points.
Vopak has an efficient internal control structure. A number of controls are automated to reduce the risk of variations and errors. A specific group of representatives from the Control & Business Analysis department and from all divisions is responsible for the ongoing application and enhancement of internal control procedures. Staff at the terminals are instructed on IFRS standards and are kept up to date on any amendments. The potential impact is assessed promptly. External advisors are engaged to value acquisitions (purchase accounting method). The external auditor examines compliance with IFRS at the main terminals, using standards stated in IFRS and Vopak’s accounting manual.