tation, and management of internal control systems, (iv) to examine the work plan prepared by the head of inter nal control, as well as the periodical reports drawn up by the latter, (v) to assess, within the limits of its assignment, the proposals made by auditing firms to obtain the related assignment, as well as the work plan prepared for the au dit and the results presented in the report and in the letter of suggestions, if there is one, (vi) to check the effective ness of the audit process, (vii) when the financial state ments and the half-year report are approved, to report to ecutive Directors, the Board of Directors took into account the cases in which, according to the Self-regulation Code, the requisites of independence must be considered lack ing and in this regard applied the principle of the preva lence of substance over form recommended by the afore said Code.