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Corporate governance
Internal control
Management within each country is responsible for identifying risks
These teams belong to the Finance line and are led by the Group
that impact the preparation of financial and accounting information finance department, particularly through the sharing of information on
and for taking the necessary steps to adapt the internal control system.
a collaborative platform.
With regard to information that requires special attention given its
The Group executive director for finance appoints the country-level
impact on the Consolidated Financial Statements, the Group Finance directors.
consolidation department requests the necessary explanations and Regional Finance directors are mainly charged with improving
may perform such controls itself, assign an outside auditor to carry out
dissemination of the culture and principles of financial control and
such controls or request the involvement of the Internal audit
ensuring their proper application.
department through the Chairman and Chief Executive Officer.
Accounting principles
The Group consolidation department checks the country-level
consolidated reporting packages at each monthly closing. If need be,
Group accounting principles are specified in a regularly updated
corrections are made by the countries on the reporting packages. In
document that is communicated to all those involved in the process.
addition, inspections are conducted in each country at least twice per
year.
The IFRS accounting principles applicable to Carrefour are reviewed
twice per year, before the closes of the half-yearly and yearly financial
Impairment testing of goodwill is handled by the Group consolidation
statements. They are defined by the Standards Department belong to
department based on projections prepared by the countries in relation
the Group consolidation department and presented to the Statutory
to the Strategic Plan updated every year. The Group consolidation
Auditors. Material changes, additions or withdrawals are presented to
department also obtains and reviews impairment tests performed by
the Accounts and Internal audit Committee.
the countries on tangible fixed assets.
An updated version is available to all members of the "file" Finance and
Management of the accounting
3.6.2.2
Management on the collaborative platform.
and finance organisation
The IFRS accounting principles applicable to Carrefour are incumbent
upon the country-level Finance departments. If necessary,
Organisation of the financial function
country-level Finance departments have to consult the Group
consolidation department, which alone can provide interpretations
and clarifications.
The financial function is mainly based on a two-level organisation:
A meeting of country-level Finance directors is held once per year,
the Group financial control department defines the IFRS accounting
●
during which new changes to the IFRS accounting principles applicable
principles applicable to Carrefour and provides leadership and
to Carrefour and any problems with application that have been
oversight of the production of Consolidated Financial Statements
encountered since the last meeting are discussed.
and
management
reports.
This
department
includes
a
Consolidation department and a Performance analysis department:
The Standards department belong to the Group consolidation
department to handle technical monitoring of IFRS standards,
the Consolidation department monitors standards, defines the
●
organise and manage the process of updating Group accounting
Group accounting doctrine (IFRS accounting principles applicable
principles in connection with the countries, analyse technical issues
to Carrefour), produces and analyses the Consolidated Financial
raised within the Group and ensure that Carrefour is represented
Statements and prepares the consolidated accounting and
within professional organisations that deal with accounting standards.
financial information, and is the direct link to the Finance
departments at country level,
Tools and operating methods
the Performance analysis department aggregates and analyses
●
both prospective and retrospective management reports. It
In recent years, the Group has standardised the accounting systems
requests
explanations
from
the
country-level
Finance used in the various countries. Specifically, this has led to the
departments and/or the regional Finance departments, and implementation of an organisational model that includes the
alerts General Management to key issues and any potential
establishment of shared service centres (for the processing and
impact;
payment of invoices involving merchandise, fixed assets, general
the Country-level Finance departments are responsible, under the
●
expenses and payroll), thus standardising and documenting
functional supervision of the Finance directors for each region, for
procedures in the various countries and ensuring the appropriate
production and control of the country-level company and separation of tasks. Operating methods are made available to all users.
Consolidated Financial Statements. They are also responsible for
Each country implements tools to address its specific consolidation
deploying an internal-control system within their scope that is
needs. A new consolidation and reporting tool was developed and
adapted to their specific challenges and risks, taking into account
implemented at the end of the year at Group level to detail, make
the Group’s recommendations and directives. Management control
reliable and facilitate transmission of data, controls and consolidation
and merchandise management control at country level also fall
operations.
under their responsibility.
Accounting and financial information systems are subject to the same
The country/business unit/functional administrator accounting
requirements as all security systems.
function is handled by centralised teams in each country, under the
supervision of the Country-level Finance director.
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