Legal Advising and Internal Control. Corporate Criminal Defense
The amendments introduced by Organic Law 5/2010, reforming the Criminal Code, which entered into force on December 23, establishes that legal persons will be fully responsible for crimes committed by (new article 31 bis):
Internal control over financial information in entities.
The new Spanish regulatory framework on Internal Control defines:
That the Audit Committee should monitor the effectiveness of the risk management systems and the process of preparing and presenting the audited financial information.
That the Annual Corporate Governance Report (IAGC) should describe the main characteristics of the internal control and risk management systems in relation to the ICFR.
We are in an increasingly digital world, where the relationships between people present are replaced by virtual relationships between absent and where evidence that accredits an agreement or an occurrence are also electronic.
The Internal Auditor for his / her competencies, experience and position within the organization can contribute significantly to the prevention, detection and response to internal fraud, actively participating in the proposal and implementation of anti-fraud controls.