SOX Matrixes in Tenaris: Start

SOX
Matrixes in
Tenaris
START
Here you will find the different SOX matrixes used
daily in Tenaris operations.
REFERENCES:
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TenarisUniversity would like to specially thank Hernan Miceli and NEXT

his team for developing the content of this course.
INDEX
Company Level Controls Balance Sheet P&L

Control Environment Cash and cash equivalents Net Sales
Risk Assessment Trade Receivables Cost of Sales
Control Activities Tax Assets Selling Expenses
Information & Communication Receivables Financial Results
Monitoring controls Investments Labor (HR)
Inventories Other Income and Expenses
Property, Plant and Equipment
General Controls Intangible Assets
Purchases Borrowings
Reporting Tax Liabilities
SOD Labor Liabilities
Taxes Other Liabilities
All Provisions
Trade Payables
BACK Equity NEXT
CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5
Commitment to Competence 6
Board of Directors or 7 8 9 10
Audit Committee 11 12 13 14
Management’s Philosophy
15
and Operating Style
Organizational Structure 16 17
Assignment of Authority
18
and Responsibility
Human Resource Policies 19 20

and Practices
Legal Requirements 42
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Click on each number to access the control
CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Existence and implementation of codes of conduct and other
policies regarding acceptable business practice, conflicts of
Commitment to Competence 6 interest, or expected standards of ethical and moral behavior.
Code of conduct and other policies exist and they are comprehensive. The
Audit Committee 11 12 13 14 Code includes statement related to Compliance with Law, Transparency,
Conflict of Interest, Gifts, Use of Assets, Information Security, Data
Management’s Philosophy Confidentiality, Insider Trading, Use of Technological Resources, Intellectual
15
and Operating Style Property, Internal Control Environment and Relations with the
Communities). As a complement of the Code of Conduct, Tenaris has also
Organizational Structure 16 17 issued certain policies addressing specific integrity and ethical concerns
(Compliance Line - Procedures for managing investors’ complaints, Tenaris
Assignment of Authority Anti-Fraud Policy, Transparency Policy Governing Relationships with Third
18
and Responsibility Parties).
Human Resource Policies 19 20 The Code of Conduct is readily available on the Company’s intranet as well
and Practices as on the Internet public site.
Specific training programs were developed covering Code of Conduct
Legal Requirements 42 concerns DIAU.
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Existence and implementation of codes of conduct and other
Management’s Philosophy All Tenaris employees with the exception of shop floor employees,
15 must sign an acknowledgement, within a period of 45 days after
and Operating Style
joining the Company or 90 days after a revalidation takes place, that
they have read and accepted the Code of Conduct and Policy on
Business Conduct. HR local offices have a daily compliance report
available for the decision-making process for non-compliance cases.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Existence and implementation of codes of conduct and other
Management’s Philosophy All Tenaris employees (except Shop Floor Employees) must
15
and Operating Style present a declaration of conflict of interests within a period of
45 days after joining the Company or, in the case of existing
Organizational Structure 16 17 employees, after being promoted to Cluster 2. HR local
offices have a daily compliance report available for the
18
decision-making process for non-compliance cases.
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Appropriateness of remedial action taken in response to
departures from approved policies and procedures or violations
Commitment to Competence 6 of the code of conduct. Extent to which remedial action is
communicated or otherwise becomes known throughout the
entity.
15 The internal auditors monitors and investigates all complaints
and Operating Style
registered in the Compliance Line and other sources.
Quarterly, Internal Audit reports to the Audit Committee the results
and action plans.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Pressure to meet unrealistic performance targets—particularly
for short-term results—and extent to which compensation is
Commitment to Competence 6 based on achieving those performance targets.
Top Management compensation: there is no pressure to meet
unrealistic performance targets (particularly for short-term results).
15
and Operating Style
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Analyses of the knowledge and skills needed to perform jobs
adequately.
Audit Committee 11 12 13 14 The Company has job descriptions for key positions, these job
descriptions are used for evaluating the position and for promotion
Management’s Philosophy purposes.
15
and Operating Style
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Independence from management, such that necessary, even if
difficult and probing, questions are raised.
Audit Committee 11 12 13 14 The Board of Tenaris has members according to the Annual General
Meeting of Shareholders’ s resolutions. Director independence rules,
Management’s Philosophy as dictated by securities rules, are considered in the determination of
15
and Operating Style director eligibility. Independence requirements are reviewed by the
Board Secretary on an annual basis.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Use of board committees where warranted by the need for
more in-depth or directed attention to particular matters.
Audit Committee 11 12 13 14 The Audit Committee has a charter adopted by the Board. The
Charter contains, at least, the following items: purpose,
Management’s Philosophy membership, meetings, responsibilities, related party transactions,
15
and Operating Style fees, advisors, effectiveness.
The Committee has the authority to engage independent counsel
Organizational Structure 16 17 and other advisors to review specific issues, as it determines
necessary to carry out its duties.
Assignment of Authority The Audit Committee annually review and assess the adequacy of
18
and Responsibility the Charter. Any recommendations of proposed changes must be
communicated to the Board for its approval.
and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Use of board committees where warranted by the need for
more in-depth or directed attention to particular matters.
Audit Committee 11 12 13 14 The Committee shall meet four times annually for the purpose of
reviewing and discussing with management and the independent
Management’s Philosophy auditors the Company’s interim and annual financial statements. The
15
and Operating Style Committee may meet more frequently if circumstances dictate.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Knowledge and experience of directors.
Audit Committee 11 12 13 14 The Board evaluate if the Audit Committee comprises at least one
financial expert (attributes defined in Item 16A of Form 20-F). If
Management’s Philosophy considered necessary, they evaluate hiring an external financial expert,
15
and Operating Style with the required expertise.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Frequency and timeliness with which meetings are held with
chief financial and/or accounting officers, internal auditors and
Commitment to Competence 6 external auditors.
Audit Committee 11 12 13 14 The Audit Committee meetings are held with the participation of
the CAE, CFO and Legal officers (depending on the matter) and deal
Management’s Philosophy with the matters established as their responsibilities and faculties in
15
and Operating Style the Charter. Also, the committee or its chairman meets individually
or jointly, depending on the matters, with the CFO, the CAE and
Organizational Structure 16 17 external auditors in order to have a better understanding of the
issues that need to be addressed and get the necessary supporting
Assignment of Authority evidence for decisions.
18
and Responsibility
Matters reported to the Audit Committee, or submitted for
Human Resource Policies 19 20 consideration, are adequately documented.
and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Sufficiency and timeliness with which information is provided to board
or committee members, to allow monitoring of management’s
Commitment to Competence 6 objectives and strategies, the entity’s financial position and operating
results, and terms of significant agreements.
Audit Committee 11 12 13 14 The Board shall meet four times annually, for the purpose of approving
Company’s interim and annual financial statements. They may meet more
Management’s Philosophy frequently if circumstances dictate. As part of the Board agenda, directors and
15
and Operating Style top management (CEO, CFO) review the most significant issues, risks, planned
acquisitions and strategic lines. In such meeting, top management performs a
Organizational Structure 16 17 presentation of actual results and financial situation as of and for the latest
YTD quarterly period compared with the same period of previous
year. Financial information is prepared in accordance with IFRS. The Board
18 only approves operations considered "outside the normal course of business".
and Responsibility
Other significant transactions are only presented by the CEO to the Board but
Human Resource Policies do not require their approval. Other decisions are delegated to top
19 20 management.
and Practices
Directors receive appropriate and timely information to fulfill its duties before
and during the meetings.
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Oversight in determining the compensation of executive
officers and head of internal audit, and the appointment and
Commitment to Competence 6 termination of those individuals.
Audit Committee 11 12 13 14 Tenaris does not have a Compensation Committee. The Board approves the
CEO compensation. Shareholders approve the Board remuneration at the
Management’s Philosophy annual shareholders meeting.
15
and Operating Style
Tenaris has established a compensation scheme for white-collars employees
Organizational Structure 16 17 based on a combination of a fixed salary plus a variable portion subject to
performance. Such scheme is also applicable to management and finally
Assignment of Authority CEO approves top management compensation.
18
and Responsibility
Human Resources Compensations Department presents to the CEO a
Human Resource Policies document with the update of the guidelines to follow in the process of
19 20
and Practices compensations that includes the update of the criteria to define an increase,
bonus, etc. Human Resources Compensations Department has the
Legal Requirements 42 responsibility of communicate these policies through all the organization.
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CONTROL ENVIRONMENT
Role in establishing the appropriate “tone at the top.
Audit Committee 11 12 13 14 Audit Committee meeting agenda includes internal control topics,
including weaknesses reported by Internal or external auditors as well
Management’s Philosophy as fraud or misconduct investigations.
15
and Operating Style
The Audit Committee periodically review (at least every three years)
Organizational Structure 16 17 the company's code of conduct to ensure that it is adequate and up-
to-date.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Personnel turnover in key functions, e.g., operating,
accounting, data processing, internal audit.
Human Resources monitors and analyses the turnover through different
measures and statistics of headcount.
15
and Operating Style
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Adequacy of knowledge and experience of key managers in
light of responsibilities.
Audit Committee 11 12 13 14 a) Reporting relationships are clearly established in the organizational
chart.
15
and Operating Style b) Authorization Manuals exist describing the level of authorizations
for certain transactions.
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Adequacy of knowledge and experience of key managers in
light of responsibilities.
Board of Directors or 7 8 9 10 The performance of key positions’ holders is discussed by

Audit Committee Management once a year during the “Performance Evaluation”
11 12 13 14
process. This process is based on objectives established by
Management’s Philosophy Management and agreed with all employees (which are also
15 periodically reviewed to consider subsequent changes in the
and Operating Style
underlying factors), and on specific competencies. As a result,
specific development actions are put in place, when applicable.
During the “Performance Evaluation” process, Management also
analyzes employees’ “Potential to grow” in Tenaris and, therefore,
Assignment of Authority identifies potential future successors for key positions in the
18
and Responsibility company.
Throughout the year, a “People Review” process is also carried out,
Human Resource Policies 19 20 with the purpose of ensuring that appropriate persons are in each
and Practices key position, to define succession planning for key positions, to
define development plans and monitor progress.
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Assignment of responsibility and delegation of authority to deal
with organizational goals and objectives, operating functions
Commitment to Competence 6 and regulatory requirements, including responsibility for
information systems and authorizations for changes.
Audit Committee 11 12 13 14 Lines of reporting are defined through the organizational chart and
several authorization manuals have been issued to define the
15 delegation of authority to officers in different decisions for the key
and Operating Style
processes of the Company. Both organizational chart and
authorization manuals are published in the Intranet
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Extent to which policies and procedures for hiring, training,
promoting and compensating employees are in place.
Audit Committee 11 12 13 14 There are processes and procedures for hiring, training, promoting and
defining compensation.
15
and Operating Style
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Appropriateness of remedial action taken in response to
departures from approved policies and procedures.
Audit Committee 11 12 13 14 Actions are taken in response to identified departures from approved
policies and procedures.
15
and Operating Style
18
and Responsibility

and Practices
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CONTROL ENVIRONMENT
Integrity and Ethical values 1 2 3 4 5 Existence of mechanism for fulfilling legal requirements
regarding the decision-making process.
Audit Committee 11 12 13 14 For Tenaris S.A., the Corporate Secretary ensures that a minute or its
Management’s Philosophy draft to be signed is available on the specific site during the next 15
15 days after a Board´s meeting or decision takes place. Delays exceeding
and Operating Style
this deadline (duly authorized by the Corporate Secretary) are only
accepted when the minutes also need to be reviewed by external
advisors who took part of the Board.
18
and Responsibility

and Practices
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RISK ASSESSMENT
Entity-wide objectives 21 22 23
Activity-level objectives 24
Risks 25 26 27 41 43
Financial reporting risks 28
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RISK ASSESSMENT
Extent to which the entity-wide objectives provide sufficiently

Entity-wide objectives 21 22 23 broad statements and guidance on what the entity desires to
achieve, yet which are specific enough to relate directly to this
Activity-level objectives 24 entity.
Risks 25 26 27 41 43 Tenaris has defined its vision and mission (Entity-wide objectives).
Strategies are defined by the CEO. Entity-wide objectives and
Financial reporting risks 28 strategies, including any changes, come directly from the CEO and
are discussed at the top-management level. These objectives are
documented in a "Strategic Document" first time released in 2000
and revised periodically.
Entity-wide objectives provide sufficiently broad statements and

guidance of what the entity desires to achieve.
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RISK ASSESSMENT
Effectiveness of the dissemination with which the entity-wide

Entity-wide objectives 21 22 23 objectives are communicated to employees and board of
directors.
Risks 25 26 27 41 43 The entity-wide objectives are communicated to employees and board

of directors.
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RISK ASSESSMENT
Relation and consistency of strategies with entity-wide

Entity-wide objectives 21 22 23 objectives.
Risks 25 26 27 41 43 Once a year, each area of Tenaris defines its Objectives taking into
consideration the Company’s “Entity Wide Objectives”. Top
Management is involved in the definition process.
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RISK ASSESSMENT
21 22 23 Adequacy of resources relative to objectives.

Entity-wide objectives
Risks 25 26 27 41 43 Every area in the Company is responsible for planning the resources
needed to accomplish its objectives.
Additionally, there is an Investment Plan that includes a detail of the
main investments and projects programmed.
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RISK ASSESSMENT
Adequacy of mechanisms to identify risks arising from external

Entity-wide objectives 21 22 23 sources.
Risks 25 26 27 41 43 A Critical Risk Committee has been created to set a guideline to the
management of Critical Risks at Tenaris.
There is a process in place to monitor identified Risks.
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RISK ASSESSMENT

Risks 25 26 27 41 43 The company has a succession plan in place for identifying the next
generation of executives to lead the company.
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RISK ASSESSMENT

Risks 25 26 27 41 43 Management verifies that the Company maintain sufficient cash,

marketable securities and availability of funds through and adequate
amount of credit facilities and the ability to close out market positions
in order to satisfy its cash needs.
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RISK ASSESSMENT

Risks 25 26 27 41 43 There are processes and procedures in place to ensure the proper
identification and disclosure of transactions with Restricted Countries
or Persons.
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RISK ASSESSMENT

Risks 25 26 27 41 43 The CRC meets at least four times per year to facilitate the
identification and assessment of critical risks and their mitigations
actions. After each meeting, the RMFA area prepares a minute to be
posted in the CRC’s site and also send it to the Corporate Secretary to
be shared with the Audit Committee members.
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RISK ASSESSMENT
The accounting department has established processes to

Entity-wide objectives 21 22 23 minimize financial reporting risks.
Risks 25 26 27 41 43 The Accounting Department has established processes to minimize

financial reporting risks.
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CONTROL ACTIVITIES
Existence of appropriate policies and procedures necessary with

Policies and Procedures respect to each of the entity’s activities, and controls called for
by policy are being applied.
Policies and procedures are updated, considering changes

29
within the processes and/or the Organizational structure
A comprehensive accounting manual exists and is updated

30 at the end of each year to reflect all the changes in
accounting practices. New standards, modifications or
changes that could impact on accounting practices are
analyzed by the Reporting Area at the moment they occur
and shared with the Administration teams to ensure its
compliance.
In addition, formal Operating Practices and Internal
Accounting Policies exist and are reviewed when there are
changes in the respective processes.
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INFORMATION &
COMMUNICATION
Communication 31 32 40
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INFORMATION &
COMMUNICATION
Establishment of channels of communication for third parties to
report suspected improprieties.
The complaints are received in the Compliance Line through the

available channels (Internal Audit Dept., telephone numbers,
Internet) and recorded in an isolated “Complaints Management
System" managed by DIAU.
The complaints are analyzed in order to define the actions to be
followed.
Quarterly meeting, the Audit Committee receives an update
about the status of the Complaints Management System,
discussing the relevant cases and actions taken by DIAU.
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INFORMATION &
COMMUNICATION
Timely and appropriate follow-up action by management
resulting from communications received from customers,
vendors, regulators or other external parties.
There are mechanisms in place in order to receive and handle

communications received from customers, vendors,
regulators or external parties.
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INFORMATION &
COMMUNICATION
The organization communicates with external parties regarding
matters affecting the functioning of internal control.
The Disclosure Procedure, provides guidance on what, how

and when to disseminate corporate information to
investors, analysts, media representatives and the public
(the investing public), as well as ensuring compliance with
legal and regulatory requirements on disclosure. The
procedure defines what is considered material information,
the process to assess if a situation complies with the
defined criteria , and how communications are disclosed.
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36
Ongoing Monitoring 37
Reporting Deficiencies 38 39
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36 Effectiveness of internal audit activities.
Periodic monitoring
Internal Audit has a charter approved by the Audit Committee. The Charter
contains, at least, the following items: mission and scope, authority,
responsibilities and accountability of the Internal Audit department.
In accordance with the Internal Audit Charter the Internal Audit Department
has no direct responsibility over the audited activities. To provide for the
independence of the Internal Audit Department, its personnel report to the
CAE, who reports functionally to the Audit Committee and administratively to
the CEO.
Additionally the Charter establish that the CAE and his staff have unrestricted
access to all functions, records, property and personnel.
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MONITORING CONTROLS
Periodic monitoring
There is an Audit Plan informed to the Audit Committee. The Audit

Plan specifies relevant internal control areas to be covered. The status
of the current Audit Plan is informed periodically to the Audit
Committee.
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MONITORING CONTROLS
Periodic monitoring
Audit reports are distributed to appropriate level of management as

defined by the CAE.
Internal Audit annually reports to the Audit Committee a status of the
Internal Control System of Tenaris.
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36 Appropriateness of the evaluation process.
A self-assessment (of internal controls) process exists covering key

management position around Tenaris. It is based on an internal
control checklist. Questions are based on the Internal Control -
Integrated Framework from COSO and other similar frameworks.
Compliance compiles the self-assessment process and answers. The
results are communicated formally.
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36 Related Party Transactions review
The Compliance area (RPU) reviews and approves all transactions

(sales, purchases, financial transactions, etc.) performed between
Tenaris and its related parties. The RPU Analyst verifies that the
transactions were carried out under market terms or otherwise fair
to the Company and its subsidiaries. In the potential scenario of
transactions received extemporaneously, the revision is performed for
all the cases, informing the Compliance Assurance Director for
taking additional actions, if needed.
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36 Existence of mechanism for capturing and reporting identified

internal control deficiencies
There are mechanisms implemented on the Company for obtaining

Reporting Deficiencies 38 39 reports on deficiencies, such as: A) Compliance Line; B) Self
Assessment process; C) Periodical evaluations; D) SOX Testing; E)
Internal Audit Reports.
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MONITORING CONTROLS
Separate Evaluation 33 34 35 36 Appropriateness of follow-up actions.
A recording and following up of the corrective actions undertaken by

Reporting Deficiencies 38 39 management as a result of deficiencies reported, is done periodically.
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PURCHASES
Commercial Industrial Procurement
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10
CORP.SA.F.01 CORP.PR.A.04 CORP.PR.A.12
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01
CORP.PR.A.06 CORP.PR.B.02
CORP.PR.A.08
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PURCHASES
CORP.SA.E.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 If the Purchase Order authorization is manually
performed, the Supply Chain Order Processing
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 Analyst verifies that it complies with Sales
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Authorization Manual.
CORP.PR.A.08
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PURCHASES
CORP.SA.E.02
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 If the Purchase Order authorization is given through
the system, it verifies that the authorizers are the
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 correct ones, according to the Sales Authorization
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Manual.
CORP.PR.A.08
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PURCHASES
CORP.SA.E.03
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The Reception of Products / Services is made
through the system and is linked to the
corresponding Purchase Order.
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 The system automatically confirms the key data
entered (items and quantity). For quantity, the
system is set up to reject those receptions
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 exceeding the tolerance limit established in the
related Purchase Order.
CORP.PR.A.08
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PURCHASES
CORP.SA.F.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The Charter Parties/ Purchase Orders and additional
charges are approved according to the Shipping
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 Contracting Authorization Manual.
CORP.PR.A.08
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PURCHASES
CORP.SA.F.02
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Supply Chain officers certify logistic services at each
location (based on supporting documentation) when
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 they are received.
CORP.PR.A.08
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PURCHASES
CORP.IN.E.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The system verifies that the service certification is
performed by authorized personnel, according to
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 what is defined in the Procurement Authorization
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Manual (PUR 001).
CORP.PR.A.08
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PURCHASES
CORP.IN.Z.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Goods receptions and services certifications are
posted with reference to existing purchase orders.
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 The system verifies that the quantity received does
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 not exceed the open quantity in the purchase order,
within the tolerances configured and authorized.
CORP.PR.A.08
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PURCHASES
CORP.IN.Z.02
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Once the certification / reception / consumption is
registered in the System, changes to key fields on
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 the document generated (service description,
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 material, quantity, etc.) are not allowed by the
system.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The Global SAP system does not allow the
generation of a new Purchase Delivery Order if the
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 frame agreement has expired or exceeded the
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 maximum amount ($/U).
CORP.PR.A.08
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PURCHASES
CORP.PR.A.02
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The Global SAP system does not allow the
generation of Purchase Delivery Orders/requisitions
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 that have not been properly authorized according to
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 the Tenaris Procurement Process Authorization
Manual (PUR 001 - "Purchase Requisition").
CORP.PR.A.08
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PURCHASES
CORP.PR.A.03
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 If the Purchase Document requires advanced
payments, the Buyer must obtain the proper
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 authorizations in accordance with the Exiros
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Procurement Authorization Manual (PUR 002
"Advance Payments").
CORP.PR.A.08
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PURCHASES
CORP.PR.A.04
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Frame Agreements and Purchase Orders (issuing
and modification) are approved by the proper
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 personnel based on the Exiros Procurement
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Authorization Manual (PUR 002 "Issuing and
modification of Orders and Contracts").
CORP.PR.A.08
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PURCHASES
CORP.PR.A.05
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 In case a manual reprocessing is needed because of
errors in the interface, the use of an emergency
user is required, which should be requested
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 through mail to Security Tenaris with the approval
of Compliance and the buyer or the Exiros IT
Manager. This user must be authorized only to
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 carry out the tasks specified in the mail.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.06
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 For non coded Materials and Services (coded and
non coded), the system does not allow the Buyer to
generate a Purchase Order if the total amount
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 (PxQ) has a deviation over 10% and U$S 2,500
from the requisition as described in the Exiros
Procurement Authorization Manual (PUR 002
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 “Discrepancies between Requirement and Order”).
CORP.PR.A.08
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PURCHASES
CORP.PR.A.07
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 The system automatically verifies that a valid supplier
(not blocked for purchases) is entered in order to
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 generate the Purchase Document.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.08
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 For coded materials, the Purchase Order must
include a valid material code, not blocked for
purchases. Additionally, quantity tolerance is
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 defined in the Global SAP Material Master Data.
Buyers can input a tolerance up to 10%, but the
system will only take the smaller of the two.
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 The system takes from the material master data
the short text and the purchase description text.
These fields cannot be modified by the buyer.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.09
Commercial Industrial Procurement The system does not allow to generate a Purchase
Document in Exiros SAP without an associated Requisition
Form coming from the system, except for the following:
- Opportunistic Purchases;
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09
- Generation of Frame Agreements;
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 - Material with catalogue;
- Dalmine Scrap;
- Direct Material (requires manual requisition as described
CORP.SA.F.01 CORP.PR.A.04 CORP.PR.A.12 in the Procurement Process); and
- Spot order of coded items included in the demand
planning application.
The system doesn't allow the buyer to change the texts
defined in the purchase requisition when creating the Non
CORP.PR.A.08 Coded Order with reference to the Purchase Requisition.
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PURCHASES
CORP.PR.A.10
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 For Dalmine Scrap, all Purchase Documents
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 generated by the Buyer must have a requisition
sent by e.mail or other reliable means and must
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 be approved by the proper personnel based in the
Procurement Process (Exiros Metallic Load
Authorization Manual).
In case of Direct Material, a request of stock
reintegration or requirement planning issued by
CORP.PR.A.07 CORP.PR.B.03 the material manager is necessary to generate a
Purchase Documents.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.11
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Once the Purchase Document has been authorized
in Exiros SAP, modifications to the document will
require a new authorization process based on the
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Exiros Procurement Authorization Manual (PUR 002
"Issuing and modification of Orders and
Contracts"). Except for the "Delivery Completed"
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 field.
CORP.PR.A.08
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PURCHASES
CORP.PR.A.12
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Buyers identify operations that must be authorized
by the Board of Directors of receiving Company
according to the Exiros Procurement Authorization
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Manual (PUR 002 "Operations to be authorized by
the Board of Directors of receiving Company"), and
assure that they are authorized by the Board of
CORP.SA.F.02 CORP.PR.A.05 CORP.PR.B.01 Directors. Evidence of the authorization shall be
provided through the Board´s meeting notes.
CORP.PR.A.08
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PURCHASES
CORP.PR.B.01
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 Imports
The Exiros IMPO Analyst, performs a matching
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 control among the B/L, the PO and the Invoice,
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 before transfering the latter to Global SAP.
CORP.PR.A.08
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PURCHASES
CORP.PR.B.02
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 On a weekly basis, the Exiros Logistic Coordinator
sends a report to Client IT identifying rejections
CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10 from FX to Global SAP and Global SAP-FX interface.
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 Problems are solved by the applicable area based on
the report received.
CORP.PR.A.08
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PURCHASES
CORP.PR.B.03
CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09 At the end of each month, Exiros / IMPO generates
a report for the client administration department
regarding the non posted documents in the FX
CORP.SA.E.03 CORP.IN.Z.02 CORP.PR.A.03 CORP.PR.A.11 system, based on the information available in the
systems and / or documents. This report is reviewed
CORP.SA.F.01 CORP.PR.A.04 CORP.PR.A.12 and authorized by the Local IMPO supervisor.
CORP.PR.A.08
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REPORTING
CORP.RP.A.02 CORP.RP.B.12 CORP.RP.D.02
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01

CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03

CORP.RP.B.10 CORP.AC.E.12 CORP.RP.F.09
CORP.RP.B.11 CORP.RP.D.01 CORP.RP.F.10
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REPORTING
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 CORP.RP.A.02

The Administration & Finance Regional Director/
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 Administration & Finance Regional Manager/
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 Administration or Reporting Manager / Controller
authorizes access to shared disks where the
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 Reporting Packages are kept.

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REPORTING
CORP.RP.A.02 CORP.RP.B.12 CORP.RP.D.02 CORP.RP.A.03

Local Reporting Coordinators overview the following controls
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 performed by the Analyst involved in the preparation of Reporting
CORP.RP.A.04 CORP.RP.B.14 Packages:
CORP.RP.E.01
1) Compliance with the "Instructions to fill in the Excel Reporting Package",
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 "reporting Packages Documentation" and Tenaris Reporting Manual (TRM)
items 5. Responsibilities and 6. Accounting in Financial Statements.
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 2) Verification of the supporting documentation and proper authorization
CORP.RP.C.01 related to exhibits received from a different area within the subsidiary or from
CORP.RP.B.05 CORP.RP.F.03 the Head Office.
CORP.RP.B.06 CORP.RP.C.02 CORP.RP.F.04 3) Verification of the proper supporting documentation and accounting
reconciliation related to information not coming from SAP.
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 4) Verification of the "Controls" exhibit. If any differences exist, these are
CORP.RP.C.05 CORP.RP.F.07 justified (if weren't justified before).
CORP.RP.B.09 5) Cross-checking of the Reporting Packages of non-SAP companies with the
CORP.RP.B.10 CORP.AC.E.12 CORP.RP.F.09 information contained in their accounting systems.
6) Verification of the "Index" exhibit to ensure that no pending
CORP.RP.B.11 CORP.RP.D.01 CORP.RP.F.10 data/information has been omitted.
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REPORTING
CORP.RP.A.02 CORP.RP.B.12 CORP.RP.D.02 CORP.RP.A.04

The Regional CFO certifies via email, prior to TS financial
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 statements approval, that:
a) information posted in SAP is complete and accurate, and
b) the legal entity is complying with the Accounting Policies.
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 In addition:
CORP.RP.B.16 c) the Regional CFO reviews and authorizes the applicable
CORP.RP.B.03 CORP.RP.F.02
sections of the Financial Reporting Package and the Stock,
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 Commitments and Contingencies Templates.
CORP.RP.C.02 d) for the companies included in group "A" under their
responsibilities, the Regional CFO should make a formal review of
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 the variations of PL and BS compared with the previous period,
CORP.RP.C.05 CORP.RP.F.07 explaining the ones that meets the following criteria: 1) equal or
CORP.RP.B.09
higher than USD 3.000.000, and 2) represents at least 10% of
CORP.RP.B.10 CORP.AC.E.12 CORP.RP.F.09 the total amount of the applicable Accounting category.
CORP.RP.B.11 CORP.RP.D.01 CORP.RP.F.10 e) the Regional CFO must also summarize the highlights and
main topics impacting in the quarter, reporting the specific file
“Scorecard/Highlights” package and related guidelines.
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REPORTING
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 CORP.RP.B.02

The Reporting Director authorizes the analysis made by the
Reporting Analyst to verify that all companies included in the
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 consolidation process are consistent with the current Tenaris
CORP.RP.B.16 Family Tree. The exceptional consolidation of a legal entity not
included in the current Family Tree should be previously
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 authorized by the Regional CFO and the Compliance
Assurance Director.
Additionally, Public & Internal Reporting Area verifies that the
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 functional currency was duly determined and authorized by
CORP.RP.B.09 CORP.RP.C.05 CORP.RP.F.07 the Regional CFO/ Administration & Finance Director /
Administration & Finance Regional Manager/ Administration
CORP.RP.B.10 CORP.AC.E.12 CORP.RP.F.09 Manager / Controller.
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REPORTING

CORP.RP.A.04 CORP.RP.B.14 Quarterly and based on the input received from the
CORP.RP.E.01
Compliance area regarding the ownership percentages of
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 Tenaris' main non-consolidated companies and the results
CORP.RP.B.16
obtained by these non-consolidated companies, Global
Reporting calculates the value of Tenaris' investment under
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 the equity method, posts the adjustments in the SAP
CORP.RP.C.02 consolidation module and checks that the ending balance in
the SAP consolidation module matches with the value
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 calculated after applying the ownership percentages.
CORP.RP.C.05 CORP.RP.F.07 The control is approved by the Global Reporting Manager and
CORP.RP.B.09
the Global Reporting Director.
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REPORTING

Consolidation adjustments have the necessary evidence to
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 support their proper registration and are authorized according
CORP.RP.B.15
to the Manual Journal Entries Authorization Manual.
In the last quarter of the year, the Reporting Director performs
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 an analysis and authorizes the long standing manual
CORP.RP.C.01 consolidation adjustments that exceptionally and temporary
have not been booked at company level.

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REPORTING

The Reporting analyst verifies through a checklist that the
Financial Reporting Package, the Stock and the Commitments
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 and Contingencies Templates authorized by the Administration
& Finance Regional Director (last version loaded in the site)
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 were considered for consolidation purposes. This checklist is
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 authorized by the Reporting Director (Reporting Package &
Commitments and Contingencies Templates) and the Planning
Manager (Stock Template).

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REPORTING

The Reporting Manager verifies that no errors resulted from the
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 measurement run and checks the monitor is closed before
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 issuing the Financial Statements and only authorized level can
unblock it. This verification is documented through a print
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 screen of the SAP-BCS Data Monitor / SAP - BCS Consolidation
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 Monitor, signed by the Reporting Manager as of the date of
the control performed.

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REPORTING

The Reporting Director authorizes the analysis made by the
Reporting Manager to check reasonableness of:
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 1. rounding adjustments,
2. CTA and Minority interest calculations,
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 Additionally, the Reporting Director authorizes the list of
postings without automatic reverse recorded in previous
periods.

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REPORTING

The Reporting Director authorizes all modifications made to the
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 macros used to upload non-SAP information to SAP.

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REPORTING

Public & Internal Reporting Area verifies that all the necessary
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 authorizations were given before granting access to the Public
Reporting site where reporting package, stock templates and
other information relevant for the reporting process is loaded by
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 each of the subsidiaries.

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REPORTING

The Compliance Assurance Manager authorizes the current
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Tenaris Family Tree to be used in the consolidation process.

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REPORTING

The Reporting Director authorizes all creations, modifications
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 and deletions of flowtypes.

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REPORTING

The Reporting Manager verifies that creation, modification and
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 deletions of sets of consolidation positions relevant for
CORP.RP.B.02 CORP.RP.B.15 Consolidation process are approved by the Reporting Director.
CORP.RP.F.01

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REPORTING

The Reporting Manager verifies that all modifications to the
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 validation and substitution scheme used for the preparation of
CORP.RP.B.02 CORP.RP.B.15 Consolidated Financial Statements are approved by the
CORP.RP.F.01
Reporting Director.

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REPORTING

The Reporting Senior Director, who defines the significant
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Associated companies, authorizes the analysis made by the
CORP.RP.B.02 CORP.RP.B.15 Reporting Director, in order to verify that the accounting policies
CORP.RP.F.01
used by those companies are consistent with those of Tenaris.

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REPORTING
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 CORP.RP.C.01

Public & Internal Reporting Area ensures through the Disclosure
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Checklist that the minimum disclosures required were
considered before the issuance of the Tenaris Financial
Statements. The Disclosure Checklist is approved by the
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 Reporting Director.

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REPORTING

The Reporting Analyst cross-checks that every Note and the
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Cash Flow included in the Financial Statements have duly
CORP.RP.B.02 CORP.RP.B.15 supporting documentation. The analysis is reviewed by the
CORP.RP.F.01
Reporting Manager and authorized by the Reporting Director.

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REPORTING

Once Financial Statements are authorized by the Board of
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Directors and signed by the Tenaris CFO and External Auditor,
the Reporting Director sends the Financial Statements by e.mail
to the Corporate Secretary (with a copy to the Tenaris CFO) to
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 start the publishing process.

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REPORTING

Annually, the Reporting Analyst checks that:
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 - every section of the 20F has a proper support according to the
information sent by the areas involved.
- the external auditor has issued the Comfort Letter
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 The revision is authorized by the Reporting Senior Director.

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REPORTING
CORP.AC.E.12
CORP.RP.B.12 Business combination
CORP.RP.A.02 CORP.RP.D.02
When occurs, the ADFI department involved determines if a transaction represents a
business requiring IFRS 3 treatment or if the transaction or other event should be
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 treated as an asset acquisition. Main control activities should include are:
- Determine if the acquirer has been appropriately identified.
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 - Determine whether the acquirer and acquiree have a pre-existing relationship or
whether other arrangements were entered into during the acquisition that are
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 separate to the business combination.
- Determine the acquisition date (i.e., the date on which the acquirer obtains control
of the acquiree).
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 - Analyse the contingencies and commitments of the acquiree, assess completeness
and test mathematical accuracy.
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 - Analysis of the acquiree's identifiable assets, liabilities and contingent liabilities at
the acquisition date, assess completeness and test mathematical accuracy.
CORP.RP.B.06 CORP.RP.C.02 CORP.RP.F.04 - Validate methods and assumptions used to determine fair value measurements.
- Review calculation and allocation of goodwill or bargain purchase for the business
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 combination.
- Verify valuation of non-controlling interests.
CORP.RP.B.09 CORP.RP.C.05 CORP.RP.F.07 - Analyse the components and valuation of consideration. Assess whether contingent
or deferred consideration exist and accounting treatment.
- Analyse the differences in accounting policies of the companies related to the
CORP.RP.B.10 CORP.AC.E.12 CORP.RP.F.09 business combination.
- Assess the reliability of calculations performed by third parties and validate
CORP.RP.B.11 CORP.RP.D.01 CORP.RP.F.10 information used by them (completeness and accuracy).
- Review accounting entries arising from business combination
- Evaluate tax impacts of the business combination.
BACK Conclusions are included in a formal Memo duly authorized by the Regional CFO. NEXT
REPORTING
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 CORP.RP.D.01

All new policies or updates are authorized by the Reporting
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Director and they are published in the intranet site..

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REPORTING

The Reporting Director authorizes the treatment under IFRS of
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 non recurrent transactions.

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REPORTING

The Reporting Director analyzes the applicability and impact of
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 changes in IFRS on the Accounting Policies and Financial
CORP.RP.B.02 CORP.RP.B.15 Statements.
CORP.RP.F.01

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REPORTING
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 CORP.RP.E.01

Before the quarterly closing, Compliance/ Security Control
verifies that the people with access to shared disks (or intranet)
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 used to manage Reporting Packages and consolidation files are
the correct ones, requesting confirmation from Administration
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 & Finance Regional Directors / Administration & Finance
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 Regional Manager/ Administration Manager (for non industrial
companies) / Controller (for Siderca, Dalmine, Tamsa, Confab,
USA) or the Reporting Director.

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REPORTING
CORP.RP.A.03 CORP.RP.B.13 CORP.RP.D.03 CORP.RP.F.01

Modifications performed to reports included in the Financial
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Reporting Package are authorized by the Reporting Director.

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REPORTING

CORP.RP.B.14
The Reporting area calculates the RNT based on the following
CORP.RP.A.04 CORP.RP.E.01
activities:
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 - checking that stock templates used correspond to the last
versions available;
- verifying that a source of information is defined for the
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 figures to be used;
CORP.RP.C.02
- ensuring that all the supporting documentation is available
in the specific site/share folder
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 The calculation is revised and authorized by the Reporting
CORP.RP.C.05 CORP.RP.F.07 Manager and sent to Global Reporting to be posted.
CORP.RP.B.09
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REPORTING

Access to the shared folder / site containing the files that
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 support the RNT calculation is restricted to authorized
CORP.RP.B.02 CORP.RP.B.15 personnel. Access to shared folder / site is authorized by the E&P
CORP.RP.F.01
Planning Senior Manager.

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REPORTING

Before the quarterly closing, the E&P Planning Senior Manager
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 verifies and confirms the people with access to shared disks (or
CORP.RP.B.02 CORP.RP.B.15 intranet) used to manage the RNT calculation. Corrective actions
CORP.RP.F.01
are taken for non-longer needed permissions.

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REPORTING

Annually, Regional CFO's certifies to Global Reporting the
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 functional currency for all the legal entities under their scope.

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REPORTING

CORP.RP.A.04 CORP.RP.B.14 Quarterly and based on the inputs received from the Regional
CORP.RP.E.01
CFO's according to the Guidelines and Checklists defined, the
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 Reporting Senior Director prepares (at Tenaris level) a
CORP.RP.B.16
summary of the Key Topics for the reporting period. When
reporting, Regional CFO's must explicitly indicate if there are
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 any "Non- Recurrent Transaction" in the period, providing an
CORP.RP.C.02 adequate description of it and identifying its accounting
treatment involving Global Reporting.
CORP.RP.B.07 CORP.RP.C.04 CORP.RP.F.05 The report is reviewed with the Tenaris’ CFO and shared with
CORP.RP.C.05 CORP.RP.F.07 the Financial Expert.
CORP.RP.B.09
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REPORTING

Business combination
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 When occurs, Global Reporting assess if a transaction
CORP.RP.B.02 CORP.RP.B.15 CORP.RP.F.01 represents a business combination, and in collaboration with
Regional CFOs, reviews which will be the mechanism to
CORP.RP.B.03 CORP.RP.B.16 CORP.RP.F.02 consolidate the balances of the acquiree starting from the
CORP.RP.B.05 CORP.RP.C.01 CORP.RP.F.03 control date. Conclusions are included in a formal Memo duly
authorized by the Reporting Senior Director.

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REPORTING
CORP.RP.A.04 CORP.RP.B.14 CORP.RP.E.01 Quarterly the Global Reporting Team verifies that the last roll-up
CORP.RP.B.02 CORP.RP.B.15 process was accurate, complete, and includes all the SAP entries
CORP.RP.F.01
booked by the Tenaris Subsidiaries during the period.

BACK NEXT
SOD
Finance CORP.FI.G.09
In order to have an adequate level of internal control, the company ensures an adequate segregation of duties between:
1. Administration activities (i.e. opening, closing and maintenance : Treasury) and reconciliation of bank accounts (Accounting).
2. Duties referred to approval and recording on SAP (Accounts Payable), releasing of commercial payments (Treasury) and
collection compensation (Credit & Collection).
3. Duties referred to approval and assignment of petty cash to local bank accounts (Corporate Treasury), administration and
safeguard (Local Treasuries), and cash count and refund recording (Accounting).
4. Front Office duties (trading):
5. Back Office duties (confirmation, settlement and financial transaction control);
6. Treasury Management (payment releases and related parties transactions);
7. Middle Office (Risk Management, Corporate Treasury -strategy definition, investment and indebtedness);
8. Accounting (accounts reconciliation);
9. Users who enter manual inputs into Cash Management Systems cannot approve/ release them, except for fundings between
Tenaris Companies bank accounts.
Annually, Finance Director or Administration & Finance Reg. Director (when applicable) verifies that manual duties related to
Finance processes are segregated, leaving evidence of this control through the approval of a report prepared by the Treasury
Regional Managers.
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TAXES
CORP.TX.A
CORP.TX.B
CORP.TX.C.01
CORP.TX.C.02
CORP.TX.C.03
CORP.TX.C.04
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
BACK NEXT
TAXES
CORP.TX.A
CORP.TX.A.01
CORP.TX.B At least on a quarterly basis, the Tax Manager / Controller
CORP.TX.C.01 approves changes/updates in laws, regulations and law
sentences as well as the defined action plan.
CORP.TX.C.02
CORP.TX.A.02
CORP.TX.C.03 The Tax Manager / Controller reviews the “Key Topics”
CORP.TX.C.04 reported by the location and approves (if necessary) the tax
treatment chosen for any applicable one.
CORP.TX.D.01
CORP.TX.A.03
CORP.TX.E.01
Quarterly, the Tax Manager / Controller approves the tax
CORP.TX.E.02 treatment of transactions included in the Shareholders
Meeting and Board of Directors Acts.
CORP.TX.E.03
CORP.TX.A.04
CORP.TX.E.04
Quarterly the Tax Manager / Controller approves the tax
treatment of lawsuits and tax reassessments prepared by the
BACK Tax Analyst. NEXT
TAXES
CORP.TX.A
CORP.TX.B.01
CORP.TX.B Quarterly, the Controller / Administration Senior Manager / Tax Senior
Manager / ADFI Director / Tax Director and the Regional CFO approves the
CORP.TX.C.01
valuation criteria and the tax provision calculation/ Deferred Income Tax
CORP.TX.C.02 calculation prepared by the Tax Analyst and the checklist used for its
calculation.
CORP.TX.C.03
CORP.TX.B.05
CORP.TX.C.04 Annually, if the company has accumulated tax losses carry forward, the Tax
Manager / Tax Director / Controller / Administration & Finance Regional
CORP.TX.D.01
Manager/ Administration & Finance Regional Director / ADFI Director approves
CORP.TX.E.01 the tax losses and deferred assets (**) analysis prepared by the Tax Analyst.
CORP.TX.E.02 (*) The deferred assets analysis is only performed when the losses analysis shows they are not expected to be
recovered before their prescription.
CORP.TX.E.03
CORP.TX.E.04
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TAXES
CORP.TX.A
CORP.TX.B
CORP.TX.C.01 CORP.TX.C.01
CORP.TX.C.02 The Global Adm. & Tax Planning Director approves Transfer
Pricing Policies.
CORP.TX.C.03
CORP.TX.C.04
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
BACK NEXT
TAXES
CORP.TX.C.02
CORP.TX.A
Sales' Margin - Compliance with Transfer Pricing
CORP.TX.B verification:
Transfer Price & Tax Compliance department verifies
CORP.TX.C.01
that transactions profitability is within the expected
CORP.TX.C.02 parameters and checks earnings by legal entity for
Commercial Network Companies, according to the
CORP.TX.C.03
guidelines established by the Transfer Pricing
CORP.TX.C.04 Procedure.
CORP.TX.D.01 Financial Loans - Compliance with Transfer Pricing
verification:
CORP.TX.E.01
Al least once a year the Transfer Price & Tax
CORP.TX.E.02 Compliance department verifies that financial loans
(interest rates) are within the expected parameters, in
CORP.TX.E.03
case of deviations, remediation actions are approved
CORP.TX.E.04 according to the guidelines established by the Transfer
Pricing Procedure.
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TAXES
CORP.TX.A
CORP.TX.B
CORP.TX.C.01 CORP.TX.C.03
CORP.TX.C.02 Semi-annually the Tax Manager / Controller verifies that
there are no unidentified transactions with Related Parties,
CORP.TX.C.03 parties that are considered related according to wide
CORP.TX.C.04 vinculation criteria or parties that are located in countries
with low or no taxation according to local law.
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
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TAXES
CORP.TX.A
CORP.TX.B
CORP.TX.C.01
CORP.TX.C.04
CORP.TX.C.02 Semi-annually the Tax Analyst (supervised by the Tax
Manager / Controller) checks that the imports of
CORP.TX.C.03
commodities -according to art. 8 of the Income Tax Law
CORP.TX.C.04 (Goods with international prices of public knowledge)
have been performed in transparent markets and with
CORP.TX.D.01 public information (Argentina only). Particular laws of
CORP.TX.E.01 each country are also considered.
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
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TAXES
CORP.TX.A CORP.TX.D.01
Before its filing1, the Direct/Indirect Tax Return prepared
CORP.TX.B
by the Tax Analyst must be authorized in accordance with
CORP.TX.C.01 the Tax Authorization Manual.
The checklist used for its calculation is approved by the
CORP.TX.C.02
Tax Manager / Controller.
CORP.TX.C.03 In case of filing corrections to a filed Indirect Tax Return,
the approval is only required in case of changes in the
CORP.TX.C.04
amount due.
CORP.TX.D.01
CORP.TX.E.01
Indirect Tax Return: on a monthly basis (annually for
CORP.TX.E.02 TenarisDalmine).
Direct Tax Return: on a monthly basis (N/A for
CORP.TX.E.03 TenarisDalmine)
CORP.TX.E.04
BACK NEXT
TAXES
CORP.TX.A
CORP.TX.B CORP.TX.E.01
CORP.TX.C.01 On a quarterly basis, local Tax areas prepare and send to
Global Tax Compliance area the information regarding
CORP.TX.C.02
accumulated tax losses carry forward. Based on received,
CORP.TX.C.03 Global Tax Compliance area analyses (on a consolidation
basis) the tax losses higher than USD 3.000.000.
CORP.TX.C.04 Conclusions and explanations are discussed in a meeting
CORP.TX.D.01 with the Tax Planning Director and the CFO.
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
BACK NEXT
TAXES
CORP.TX.A
CORP.TX.C.01 On a quarterly basis, the Global Tax Planning area reviews
(on a consolidation basis) the reasonableness of the
CORP.TX.C.02 income tax effective rate of the period. The final analysis
CORP.TX.C.03 and explanations are discussed in a meeting with the Tax
Planning Director and the CFO.
CORP.TX.C.04
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
BACK NEXT
TAXES
CORP.TX.A
CORP.TX.C.01 Global Tax Department reviews all Tenaris Transfer Pricing
Reports. When applicable, Local Tax Departments prepares
CORP.TX.C.02 the Transfer Pricing Tax Returns and files the Reports to
CORP.TX.C.03 the local authorities according to the Transfer Pricing
Procedure.
CORP.TX.C.04
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
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TAXES
CORP.TX.A
CORP.TX.C.01 On a quarterly basis, the Global Tax Planning area
performs an impairment analysis of the fiscal tax credits
CORP.TX.C.02 based on the available forecast information. Conclusions
CORP.TX.C.03 and explanations are discussed in a meeting with the Tax
Planning Director and the CFO.
CORP.TX.C.04
CORP.TX.D.01
CORP.TX.E.01
CORP.TX.E.02
CORP.TX.E.03
CORP.TX.E.04
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ALL
CORP.AC.A.01 CORP.AC.E.13
CORP.AC.A.O2 CORP.AC.E.14
CORP.AC.C.01
CORP.AC.C.02
CORP.AC.C.03
CORP.AC.C.04
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.A.01

CORP.AC.C.01 On a daily basis, the Treasury Analyst controls the
exchange rates uploaded into SAP, in accordance with
CORP.AC.C.02 what is defined in the "FX Rates SAP Maintenance
CORP.AC.C.03 Operative Practice".
CORP.AC.C.04
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.A.02

CORP.AC.C.01 Tenaris Chart of Accounts Administration (ACC 001
procedure)
CORP.AC.C.02
CORP.AC.C.03 Creation, cancellation or modification of accounts is

authorized in accordance with "Tenaris Chart of Accounts
CORP.AC.C.04 Administration" procedure.
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.C.01
CORP.AC.C.01 The system does not allow the entry of documents
CORP.AC.C.02 where debits are different from credits. A validation rule
is implemented (ZGBLOB03 - Step 5 - Managerial
CORP.AC.C.03 Quadrature, Legal) that does not allow the posting of
journal entries with a line in debits that applies to a type
CORP.AC.C.04
of account (1, 2, 3, 4 or 5) against a line in credits that
CORP.AC.C.05 applies to a different type of account. When trying to
CORP.AC.D.31
post a transaction with the conditions previously
mentioned, the system generates an error message
CORP.AC.D.32 ("Legal and managerial accounts not balanced. Review
application").
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.C.02

CORP.AC.C.01 Manual Journal Entries
Manual journal entries have the necessary evidence to
CORP.AC.C.02 support their proper registration based on the "Manual
CORP.AC.C.03 Journal Entries Authorization Manual"
CORP.AC.C.04
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL

On a quarterly basis, the Regional CFO certifies that all
CORP.AC.C.02 manual journal entries have been authorized before the
CORP.AC.C.03 Financial Reporting Package´s approval.
CORP.AC.C.04
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.C.04
CORP.AC.C.01 On a Quarterly basis, the Related Party Transactions
Analyst reviews the master data related to customers and
CORP.AC.C.02
suppliers in order to verify that all related companies are
CORP.AC.C.03 properly identified.
If changes of customer/supplier are needed, the analyst
CORP.AC.C.04
follows up modifications and verifies changes are
CORP.AC.C.05 properly included in the master data.
The analysis performed is reviewed by the Compliance
CORP.AC.D.31
Assurance Manager.
CORP.AC.D.32
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ALL

On a semi-annuallly basis, Compliance members reviews
CORP.AC.C.02 that manual journal entries not included in the Manual
CORP.AC.C.03 Journal Entries Report are used according to defined
criteria.
CORP.AC.C.04
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.D.31

CORP.AC.C.01 On a Quarterly basis, the Accounting Supervisor/
Accounting Shared Service Coordinator controls that
CORP.AC.C.02
there are not parked/ held documents that should be
CORP.AC.C.03 posted. If detected, they should be analysed for posting
or deletion, involving other areas if necessary. Once done,
CORP.AC.C.04 a final check about documents to be posted or deleted is
CORP.AC.C.05 performed again.
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.D.32

CORP.AC.C.01 -Temporary or Suspense Accounts
CORP.AC.C.02 On a Quarterly basis (as of the end of the quarter), the
CORP.AC.C.03 Accounting Analyst or the Cost Analyst controls that the
balances of all temporary or suspense accounts equal
CORP.AC.C.04 zero. If necessary, a manual journal entry is posted.
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.E.13

CORP.AC.C.01 After generating the database of Manual Journal Entries
to be authorized, the Inre, System Maintenance & Rtr area
CORP.AC.C.02 controls that the document types included in the SAP
CORP.AC.C.03 variant and the exclusions of transactions and users are
aligned with the Procedure in place and the confirmation
CORP.AC.C.04 received by the Security Control area.
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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ALL
CORP.AC.A.O2 CORP.AC.E.14 CORP.AC.E.14

CORP.AC.C.01 Before generating the database of Manual Journal Entries
to be authorized, the Inre, System Maintenance & Rtr area
CORP.AC.C.02 revises and ensures that: a) authorizers and approvers
CORP.AC.C.03 configured in the SAP variant are aligned with the
Procedure in place; and b) additions of the quarter were
CORP.AC.C.04 duly authorized by the Regional CFO.
CORP.AC.C.05
CORP.AC.D.31
CORP.AC.D.32
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CASH AND CASH EQUIVALENTS
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.03
Finance CORP.FI.A.04
CORP.FI.A.05
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
CORP.AC.D.03
Banks
Accounting
CORP.AC.D.04
On a Quarterly basis, the Accounting Analyst:
- performs the bank reconciliation which is authorized

by the Accounting Coordinator;
CORP.FI.A.03 - analyzes, according to the terms established by the
Finance legal and operating practices of each country, the
CORP.FI.A.04
reconciliation items and, if applicable, their
CORP.FI.A.05 permanence in Provisional Activity accounts;
- informs the Finance or the Operating Area of any
CORP.FI.A.11
discrepancy and follows them up until the situation is
CORP.FI.A.12 solved;
- verifies that all Bank accounts have debit balances,
reclassifying those accounts with credit balance. The
reclassification is mandatory for balances > USD
BACK 500,000. NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.AC.D.04
Checks to be Deposited
On a Quarterly basis, the Accounting Analyst controls

CORP.FI.A.03 that the breakdown of the list of checks to be deposited
informed/received at every quarter closing from the Head
Treasurer matches with the account balance. If they do
CORP.FI.A.05 not match, the analyst performs a reconciliation, informs
the pending items to Treasury and/or Collections area
CORP.FI.A.11
and follows them up until they are solved.
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.03
The opening/closing of Bank Accounts is authorized by
the Vice President Finance.
Back office/Treasury ensures that the
CORP.FI.A.03 accounting/reporting department is notified of every
Finance opening/closing of bank accounts. All bank accounts
CORP.FI.A.04
opened have a related SAP (or local equivalent system)
CORP.FI.A.05 account and a CMS account, if applicable.
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.04
Cash Management Platforms
Before assigning new entitlements or processing changes

CORP.FI.A.03 for an existing user, Back Office must verify the following
Finance information:
CORP.FI.A.04
• Request duly authorized by the employee supervisor
CORP.FI.A.05 • Authorization from the Compliance Department.
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.05
Cash Management Platforms
Based on the information received from Security Control

CORP.FI.A.03 related to rotations, leaves and terminations, Back office
Finance takes the necessary actions to disable the users.
CORP.FI.A.04
CORP.FI.A.05
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.11
Checks received from Credit & Collection are managed
according to the Checks Administration Procedure,
section Checks Reception (checks in favor of Tenaris).
CORP.FI.A.03
Finance SPECIAL CASE TGS USA: The Company keeps copies of
CORP.FI.A.04
the lockbox receipts and Treasury verifies that lockbox
CORP.FI.A.05 receipts are entered into SAP.
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
CORP.AC.D.03
Accounting
CORP.AC.D.04
CORP.FI.A.12
Securities are kept in a safe box with restricted access in
CORP.FI.A.03 accordance with Safe Box Operative Practice.
CORP.FI.A.05
CORP.FI.A.11
CORP.FI.A.12
BACK NEXT
TRADE RECEIVABLES
Credit
Accounting Commercial & Finance
Collection
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02

CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04
CORP.AC.E.10
CORP.SA.D.03 CORP.CC.B.06
CORP.AC.E.11
CORP.SA.D.04 CORP.CC.C.01
CORP.SA.D.05 CORP.CC.D.01
CORP.SA.D.06 CORP.CC.E.01
CORP.SA.D.08
BACK CORP.SA.H.05 NEXT
TRADE RECEIVABLES
Credit
Collection CORP.AC.B.01
Discounts Provisions - Interface Control
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 On a Quarterly basis, the Accounting Analyst
verifies the completeness of transactions coming
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 from interfaces. If errors are detected during data
processing, the analyst follows them up and
verifies their correction.
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01
CORP.SA.D.08
TRADE RECEIVABLES
CORP.AC.D.05
Credit
Finance
Trade Receivables
Accounting Commercial &
Collection
On a quarterly basis, the Credit Analyst/ Accounting
Analyst performs the following controls:
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 A) verifies that every Trade Receivables account has
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 debit balance, reclassifying balances based on the
following criteria:
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 - customers’ credit balances over USD 500,000, the
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 reclassification is mandatory
- customer’s credit balances up to USD 500,000 and
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01 total credit balance exceeding USD 1,500,000
(tolerance threshold), the reclassification is mandatory
up to reach the tolerance threshold;
CORP.SA.D.06 CORP.CC.E.01 B) verifies that the composition of documented credits
CORP.SA.D.07 CORP.CC.E.02 authorized by CRED matches the GL and, if applicable,
performs the appropriate adjustments.
CORP.SA.D.08
TRADE RECEIVABLES
Credit CORP.AC.D.08
Accounting Commercial & Finance Discounts, Rebates, Bonuses & Refunds Provision
Collection On a quarterly basis, the Accounting Analyst or
Invoicing Control Analyst:
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 - Calculates and posts the provision, taking into
consideration the parameters included in a
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 signed contract or PO, obtained from the
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 applicable system or informed by Front End /
Finance (from an officer with at least
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 Authorization Level # 3).
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01 - Analyzes the account balance, considering the
aging of the items that compose the total
CORP.SA.D.05 CORP.CC.D.01 balance.
CORP.SA.D.06 CORP.CC.E.01 Provisions´ adjustments up to USD 100.000 per
client, with a maximum of USD 500.000
considering all the cases involved, are allowed
CORP.SA.D.08 not to be posted.
TRADE RECEIVABLES
Credit
Collection
CORP.AC.E.10
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Quarterly, each Administration department should
IT09.FI.D.02
assess if new contracts of the period are or contain
a lease. Additions or redemptions of the period and
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 changes over existing ones should be approved by
CORP.AC.E.10 the Regional CFO.
CORP.AC.E.11
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.AC.E.11
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Quarterly and for all the contracts that are or
IT09.FI.D.02
contain a lease, each Administration department
should recognize right-of-use assets and lease
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 liabilities, which should be subsequent adjusted
CORP.AC.E.10 based on payments and depreciation.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.C.02
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 On a monthly basis the Global Credit & Collection
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 Dept. controls the AR accounts status preparing as
result said control a report containing main credit
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 highlights and overdue aging evolution. The
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 mentioned report is submitted to the top
management and actions to address identified
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01 credit issues are defined and taken.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.01
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Billing related to a Sales Order and a Delivery Note is
automatically issued based on the system-originated
Delivery Notes. Relevant data cannot be modified.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.02
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 The area in charge verifies Credit or Debit Notes are
issued according to the Sales Authorization Manual.
CORP.AC.E.11
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.03
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 The System automatically assigns a correlative
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 number to the billing documents, and does not
allow modifications to it. The system does not allow
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 to generate a document with a date earlier than
the date of the last issued document and within an
accounting period different form the open one.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.04
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 The System does not allow modifications to already
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 issued billing documents.
(Special case Dalmine: modifications to VAT
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 condition can be made until the invoice is issued;
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 and modifications to header and footer comments
can be made even after the document is registered
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01 in SAP System).
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.05
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 The System does not allow to select a Delivery Note
that has already been invoiced.
CORP.AC.E.11
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.06
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 At least quarterly the Invoicing Analyst analyzes the
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 errors detected during the interface between the
Invoicing System and SAP System. He/she solves
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 the problems or forwards them to the
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 corresponding responsible areas in order to reach a
CORP.AC.E.11
solution.
CORP.SA.D.04 CORP.CC.C.01 Once the problems are solved, the interface is run
CORP.SA.D.05 CORP.CC.D.01 again until no errors are found.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.07
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Quarterly, Supply Chain / SSC controls the
IT09.FI.D.02
appropriate sales cut off, communicating to the
Accounting Area sales that have to be reversed or
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 accrued for. Such analysis should be approved by an
CORP.AC.E.10 officer with Authorization Level # 3.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.D.08
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 At least quarterly the Supply Chain Analyst
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 analyzes the errors detected during the interface
between the Delivery System and SAP System.
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 He/she solves the problems or forwards them to
CORP.AC.E.10 the corresponding responsible areas in order to
CORP.AC.E.11
reach a solution.
CORP.SA.D.04 CORP.CC.C.01 Once the problems are solved, the interface is run
CORP.SA.D.05 CORP.CC.D.01 again until no errors are found.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.SA.H.05
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Only for Dalmine: Quaterly
The Invoicing area revises and controls the integrity
and consistency of the documents issued between
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 SAP, Infocert and the SDI (Sistema Di Intercambio)
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.A.01
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Credit lines, credit line’s expansions, spot
IT09.FI.D.02
transactions, refinances and purchases of credit
insurance, are authorized in accordance with the
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 Tenaris Credit Management Authorization Manual
CORP.AC.E.10
(COM 002).
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.B.02
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 If collection are made by check, in case of checks
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 not deposited (checks received after bank closing
time, or deferred checks, etc), they are kept in a
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 restricted access place (in a safe or in other locked
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 area).
In case of values being received by the Collection
CORP.AC.E.11 CORP.SA.D.04 CORP.CC.C.01 Area, the person who deposits the values (from an
CORP.SA.D.05 CORP.CC.D.01 Area other than Collection) evidences their
reception through reliable means.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.B.04
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 At the time the collection is applied to the customer
IT09.FI.D.02
account, the collection analyst or the person who
has an equivalent responsibility controls with
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 supporting documentation that the collection is
CORP.AC.E.10 being properly posted.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.B.06
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Accounts Receivable write off are authorized in
accordance to what is stated in the Credit
Management Authorization Manual.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.C.01
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Guarantees and their modifications (when
applicable) are granted through reliable means in
accordance to the Tenaris Credit Management
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 Authorization Manual.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection

CORP.SA.D.07
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.E.01
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 Allowance for Doubtful Trade Accounts
IT09.FI.D.02
On a quarterly basis, the Credit Control analyst
calculates the Allowance for Doubtful Accounts
CORP.AC.D.08 CORP.SA.D.02 CORP.CC.B.04 based on the Allowance for Doubtful Accounts
CORP.AC.E.10 Procedure.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
CORP.CC.E.02
Allowance for Doubtful Trade Accounts
CORP.AC.D.05 CORP.SA.D.01 CORP.CC.B.02 IT09.FI.D.02 On a quarterly basis, the Credit Control
analyst checks that the Doubtful Provision is
correctly posted at legal entity level. In case
CORP.AC.E.10 CORP.SA.D.03 CORP.CC.B.06 of detecting errors, the Credit Control analyst
CORP.AC.E.11 contacts the related ADFI region asking for
CORP.SA.D.04 CORP.CC.C.01 their correction. Identified differences
CORP.SA.D.05 CORP.CC.D.01 summarizing up to 3% of the total variation
of the quarter are allowed to not to be
CORP.SA.D.06 CORP.CC.E.01 explained.
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
IT09.FI.D.01
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 RI.BA/ R.I.D transactions are authorized following the
"Finance Authorization Manual".
CORP.SA.D.08
TRADE RECEIVABLES
Credit
Collection
IT09.FI.D.02
CORP.AC.B.01 CORP.SA.C.02 CORP.CC.A.01 IT09.FI.D.01 R.I.B.A/R.I.D
Back Office checks the supporting documentation of
each transaction and verifies its completeness.
CORP.AC.E.10
CORP.AC.E.11
CORP.SA.D.08
TAX ASSETS
Accounting
CORP.AC.B.02 CORP.AC.D.10
CORP.AC.B.02 Tax Credits / Tax Liabilities - Interface Tax Credits
control
CORP.AC.D.10 On a Quarterly basis, the Accounting On a quarterly basis, the Accounting
Analyst (while not performed by another Analyst / Tax Analyst analyzes Tax Credit
area) verifies the completeness of balances and compares them with
transactions coming from interfaces. If supporting documentation (Tax Returns,
errors are detected during data Tax refunds, provisions, calculations,
processing, the analyst follows them up etc.). Additionally, the accounting
and verifies their correction. analyst reviews the proper disclosure of
the related accounts.
Identified differences summarizing up to
USD 100.000 for the Accounting
Category are allowed not to be posted.
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RECEIVABLES
Accounting Finance
CORP.AC.D.11 CORP.FI.I.01
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RECEIVABLES
CORP.AC.D.11
Accounting Finance On a quarterly basis, the Accounting Analyst or
the Cost Analyst performs the following controls:
- Analyzes Receivables accounts (with a minimum
coverage of 90% of the total balance of the
CORP.AC.D.11 CORP.FI.I.01
Accounting Category), verifying if applicable, the
supporting documentation/ information provided
by other areas.
- Based on the analysis performed, classifies
them into current and non-current.
Reclassification is mandatory for all the items
exceding USD 500.000.
Each account > USD 100.000 must be verified at

least annually in the second quarter of the year
(June).
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RECEIVABLES
CORP.FI.I.01
Accounting Finance
Quarterly, the Risk Management & Financial area
calculates and informs the discount rate to be used
for measuring the amounts recognized on the
CORP.AC.D.11 CORP.FI.I.01 balance sheet for lessees (IFRS 16). The final rate is
authorized by the Financial Analysis & Plan. Sr
Manager.
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INVESTMENTS
Accounting Finance
CORP.AC.D.02 CORP.FI.B
CORP.FI.C
CORP.FI.G
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INVESTMENTS
CORP.AC.D.02
Accounting Finance Investments (includes those exposed as Cash and Cash Equivalents and Other
current Investment):
CORP.AC.D.02 CORP.FI.B On a quarterly basis, the Accounting Analyst verifies:

- that the balances informed by Finance (properly authorized by the Head of
CORP.FI.C
Area) or obtained from the proper application system, match with the final
CORP.FI.G balances posted at the period end closing. In case of discrepancies, the
analyst follows them up until they are solved, and if needed, performs a
manual adjustment.
- that accrued interests are properly recorded.
- that investments and/or placements due dates are properly classified as
current and non-current, and if applicable, performs the corresponding
journal entry.
- that investments are properly classified as investments with Related Parties
or investments with Third Parties.
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INVESTMENTS
Accounting Finance CORP.FI.B.01

Front Office is not authorized to carry out transactions (except spots) with
third parties with whom there is no Frame Agreement (ISDA Agreement,
Schedule or similar Agreement) approved by the Treasury Director and
CORP.AC.D.02 CORP.FI.B signed by the third party and two Attorneys in fact of the company.
CORP.FI.C
CORP.FI.B.02
CORP.FI.G The Risk Mgmt & Financial Analysis Manager reviews the reasonableness of
the quarterly IFRS valuation of derivatives transactions prepared by the
Finance Analyst. The information is sent to Accounting for registration, and
Reporting.
CORP.FI.B.04
Quarterly, Back Office verifies the completeness of derivatives transactions
received from Financial Planning & Risk Management.
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INVESTMENTS
CORP.FI.C.01
Accounting Finance At least on a quarterly basis, Risk Mgmt & Financial Analysis Manager reviews
the reasonableness of the portfolio valuation and breakdown (investment
purpose type and maturity) prepared by the Finance Analyst. Subsequently,
CORP.AC.D.02 CORP.FI.B the information is sent to Accounting for registration, and Reporting.
CORP.FI.C
CORP.FI.C.02
CORP.FI.G Quarterly, Back Office verifies the completeness of the portfolio received from
Front Office.
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INVESTMENTS
CORP.FI.G.03
When arranging/ modifying a/n Spot & Derivative/Investment/Debt
Accounting Finance transaction, Front Office verifies the authorization levels in accordance with
the Tenaris Finance Authorization Manual.
CORP.FI.G.05
CORP.AC.D.02 CORP.FI.B
"Back Office checks and verifies that:
CORP.FI.C
- authorization levels are in accordance with the Tenaris Finance
CORP.FI.G
Authorization Manual,
- prices are in accordance with market conditions,
- transactions are properly confirmed by the third party (when applicable),
- transactions were settled on the system within the same accounting
period and if the settlement was not possible within this term, informs the
reason of the delay to Accounting Department.
In case errors are detected, Back Office request Front Office to cancel/
modify the transaction and, if applicable, load it properly on the
corresponding system."
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INVENTORIES
Accounting Cost Industrial Commercial

CORP.AC.D.12 CORP.CO.A.02 CORP.CO.B.01 CORP.IN.A.01 CORP.IN.K.01 CORP.SA.C.01
CORP.AC.D.14 CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.K.02 CORP.SA.C.03

CORP.AC.D.30 CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.L.01 CORP.SA.C.04
CORP.AC.D.41 CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.L.02 CORP.SA.C.05
CORP.AC.E.02 CORP.CO.A.08 CORP.CO.B.07 CORP.IN.I.01 CORP.IN.M.01 CORP.SA.C.06
CORP.CO.A.12 CORP.CO.B.08 CORP.IN.I.02 COIN.IN.C.03 CORP.SA.C.08
CORP.CO.A.13 COIN.CO.A.03 CORP.IN.I.03 COIN.IN.D.03 CORP.SA.H.06
CORP.CO.A.14 COIN.CO.A.05 CORP.IN.J.01

CORP.CO.A.14 Bis COIN.CO.A.06 CORP.IN.J.02
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To go back to this index, click on INVENTORIES
INVENTORIES
Accounting Period-end closing adjustments are recorded completely and accurately.

CORP.AC.D.12
CORP.AC.D.14 CORP.AC.D.12
Inventories – Raw Materials and Other Materials / Production in Process -
CORP.AC.D.30
Commercial Network
CORP.AC.D.41 On a quarterly basis, the assigned analyst (Cost Analyst / Accounting Shared
Service Analyst) performs the following activities:
CORP.AC.E.02 - Posts the additions and consumptions corresponding to "Long-Term
Consumables", performing a reasonableness test of the result (only
applicable if they are not administered by SAP - MM module).
- Calculates the Obsolescence Provision.
- Calculates and posts the absorption of fixed costs in accordance with the
normative in force (Tenaris Accounting Principles - Absorption).
- Valuates Raw Materials and Other Materials and Goods in Process in
accordance with IAS/IFRS standards.
- Controls that the calculated values are consistent with the balances
registered in the corresponding accounts.
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To go back to the inventories index, click on Inventories
INVENTORIES

CORP.AC.D.12
Inventories – Finished Goods - Commercial Network
CORP.AC.D.30
CORP.AC.D.41 On a quarterly basis, the Cost Analyst/ Accounting Shared Service Analyst
performs the following activities:
CORP.AC.E.02 - Calculates and posts the Slow-Moving Inventories Provision in accordance
with the normative in force (Tenaris Accounting Principles - Obsolescence
Finished Goods).
- Calculates and posts the absorption of fixed costs in accordance with the
normative in force (Tenaris Accounting Principles - Absorption).
- Valuates Finished Goods, verifying (at Product Family level) that the
valuation does not exceed the limit of the Net Realization Value, in
accordance with IAS/IFRS standards.
- Controls that the calculated values are consistent with the balances
registered in the corresponding accounts.
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INVENTORIES

CORP.AC.D.12
CORP.AC.D.14
CORP.AC.D.30
CORP.AC.D.30 Goods in Transit
On a quarterly basis, the Accounting Analyst/ Cost Analyst/ Shared Service Analyst performs
CORP.AC.D.41 the following:
- Reviews that goods in transit are correctly posted and records those not posted based on the
CORP.AC.E.02
information received from Exiros IMPO, if applicable.
- Reviews the aging of goods in transit, explaining:
a) if an applicable transit time is available at the moment of the analysis, all the cases with a
deviation of more than 10% or;
b) those ones > USD 50.000 with an aging > 90 days from its posting, being able to leave
without analysis up to a maximun of USD 500.000.
For all cases > 180 days, an accounting provision should be posted duly authorized by the
Controller (he/she can also authorize not to post it up to USD 500.000).
- Reviews the Provisions for Freight and Dispatch Expenses, Agent Fees and Foreign Suppliers
considering the aging of the items accrued, if applicable.
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INVENTORIES

CORP.AC.D.12
CORP.AC.D.30 ADFI area ensures the integrity and consistency of the stock information to be used
for RNT calculation purpose and checks that the potential amount of the identified
CORP.AC.D.41 differences complies with the maximum allowed per range of stock valuation. The
CORP.AC.E.02
analysis (Stock Template) is authorized by the Regional CFO and uploaded to the
Reporting site.
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INVENTORIES

CORP.AC.D.12
CORP.AC.D.14 CORP.AC.E.02
CORP.AC.D.30 Quarterly the Accounting/Costs Analyst analyzes the aging for all the Finished
Goods virtual locations and the On-Ground In-Transit material between two
CORP.AC.D.41 different locations, explaining those items with more than 30 days and being
able to leave without analysis up to a maximum of USD 500.000.
CORP.AC.E.02
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INVENTORIES
Cost
CORP.CO.A.02 CORP.CO.B.01
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.CO.A.02

CORP.CO.A.07 CORP.CO.B.04 Access to the shared folder / site containing the files that support the
inventory valuation, is restricted to authorized personnel. Access to
CORP.CO.A.08 CORP.CO.B.07 shared folder / site is authorized by the relevant Controller, Senior
CORP.CO.A.12 CORP.CO.B.08 Manager or Director.
CORP.CO.A.13 COIN.CO.A.03
CORP.CO.A.14 Bis COIN.CO.A.06
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INVENTORIES
Cost
Information to value raw materials is accurate.
CORP.CO.A.06 Bis CORP.CO.B.03

CORP.CO.A.06
CORP.CO.A.07 CORP.CO.B.04 Key Raw Materials:
Quarterly the CACC/Cost Analyst verifies and the CACC/Cost
Manager controls that:
CORP.CO.A.12 CORP.CO.B.08 1) Initial quantities are equal to final quantities for previous period.
2) Final quantities are consistent to the ones showed in legacy
systems. Any difference must be analized, documented and
CORP.CO.A.14 COIN.CO.A.05 authorized.
3) Authorized valuation criteria was applied.
4) Verify that the balances in SAP are consistent with the ones
CORP.CO.A.15 COIN.CO.A.07 calculated.
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INVENTORIES
Cost
information to value materials and supplies is accurate.

CORP.CO.A.06 Bis
CORP.CO.A.07 CORP.CO.B.04 Materials & Supplies:
Quarterly the CACC/Cost Analyst verifies and the CACC/Cost
Manager controls that:
CORP.CO.A.12 CORP.CO.B.08 1) Final quantities are consistent to the ones showed in SAP. Any
difference must be analyzed, documented and authorized.
2) Authorized valuation criteria was applied.
CORP.CO.A.14 COIN.CO.A.05 3) Verify that the balances in SAP are consistent with the ones
calculated.
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INVENTORIES
Cost
Raw materials and materials are correctly valued.
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.CO.A.07

CORP.CO.A.07 CORP.CO.B.04 Quarterly the CACC/Cost Manager controls the reasonableness test of
valuation perform by the analyst, explaining trend changes (IFRS/STD
CORP.CO.A.08 CORP.CO.B.07 Index) with a deviation of more than 10% for accounts that represent
CORP.CO.A.12 CORP.CO.B.08 more than 1% of the IFRS total stock value.
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INVENTORIES
Cost
Obsolescence provision for raw materials and materials is calculated
according to current regulations and the related Allowance accounts are
CORP.CO.A.06 CORP.CO.B.02 correctly valued.
CORP.CO.A.07 CORP.CO.B.04 CORP.CO.A.08

Quarterly the CACC/Cost Manager controls that:
CORP.CO.A.08 CORP.CO.B.07 1) All stocks are subject to obsolesce test;
CORP.CO.A.12 CORP.CO.B.08 2) Obsolescence provision was calculated based on the criteria
defined by the policy issued by Global Reporting, by means of a
CORP.CO.A.13 COIN.CO.A.03 global test.
CORP.CO.A.14 COIN.CO.A.05 3) There is a justification for differences greater than 10% of book
value, or greater than USD 250K.
CORP.CO.A.14 Bis COIN.CO.A.06 4) The obsolescence provision was properly posting by verifying that
CORP.CO.A.15 COIN.CO.A.07 calculated values are consistent with the balances for the
corresponding accounts.
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INVENTORIES
Cost
Goods in process are correctly valued.
CORP.CO.A.12
CORP.CO.A.06 Bis CORP.CO.B.03 Annually the Costs Coordinator / Accounting Shared Services
Coordinator reviews that the percentage of progress set for the Steels
Bars is consistent with the policies defined by Central Reporting, and if
CORP.CO.A.08 CORP.CO.B.07 needed determines the changes to be done.
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INVENTORIES
Cost
Finished goods are correctly valued.
CORP.CO.A.13
CORP.CO.A.06 Bis CORP.CO.B.03 Finished Goods
Quarterly, CACC/Cost Manager verifies that the valuation of finished
goods is not greater that the Net Realization Value, and in accordance
CORP.CO.A.08 CORP.CO.B.07 with the policy, and reviews the corresponding adjustments if needed.
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INVENTORIES
Cost
CORP.CO.A.14
CORP.CO.A.06 Bis CORP.CO.B.03 Goods in Process:
CORP.CO.A.07 CORP.CO.B.04 Quarterly the CACC/Cost Manager controls the valuation for goods in
process and verifies that the absorption of fixed costs is performed
CORP.CO.A.08 CORP.CO.B.07 according to the "Tenaris S.A. Public Accounting Reporting Policy:
CORP.CO.A.12 CORP.CO.B.08 Absorption".
The CACC/Cost Manager also checks that the values in the file
CORP.CO.A.13 COIN.CO.A.03 uploaded to the defined sharedrive are consistent with the balances
CORP.CO.A.14 COIN.CO.A.05 registered in the corresponding accounts.
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INVENTORIES
Cost
CORP.CO.A.14 Bis
CORP.CO.A.06 Bis CORP.CO.B.03 Finished Goods
CORP.CO.A.07 CORP.CO.B.04 Quarterly the CACC/Cost Manager controls the valuation for finished
goods and verifies that the absorption of fixed costs is performed
CORP.CO.A.08 CORP.CO.B.07 according to the "Tenaris S.A. Public Accounting Reporting Policy:
CORP.CO.A.12 CORP.CO.B.08 Absorption".
The CACC/Cost Manager also checks that the values in the file
CORP.CO.A.13 COIN.CO.A.03 uploaded to the defined sharedrive are consistent with the balances
CORP.CO.A.14 COIN.CO.A.05 registered in the corresponding accounts.
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INVENTORIES
Cost
Goods in Process and Finished goods are correctly valued.
CORP.CO.A.15
CORP.CO.A.06 Bis CORP.CO.B.03 Quarterly, CACC/Cost Analyst verifies that valuation of each
CORP.CO.A.07 CORP.CO.B.04 component is compared with previous periods and standards,
explaining trend changes (IFRS/STD Index) with a deviation of more
CORP.CO.A.08 CORP.CO.B.07 than 10% for accounts that represent more than 1% of the IFRS total
CORP.CO.A.12 CORP.CO.B.08 stock value.
Quarterly the CACC/Cost Manager controls the reasonableness test
CORP.CO.A.13 COIN.CO.A.03 of valuation perform by the analyst, verifying that deviations were
CORP.CO.A.14 COIN.CO.A.05 explained as defined.
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INVENTORIES
Cost
Obsolescence provision for goods in process and finished goods is
calculated according to current regulations and the related Allowance
CORP.CO.A.06 CORP.CO.B.02 accounts are correctly valued.
CORP.CO.A.07 CORP.CO.B.04 CORP.CO.A.16

Quarterly the Costs Coordinator / Accounting Shared Service
CORP.CO.A.08 CORP.CO.B.07 Coordinator controls that the obsolescence prevision is reasonably
CORP.CO.A.12 CORP.CO.B.08 calculated based on the criteria defined by the policy issued by
Global Reporting by means of a global test (including products at
CORP.CO.A.13 COIN.CO.A.03 third parties locations for processing).
CORP.CO.A.14 COIN.CO.A.05 Variations greater than 10% or USD 250k (the lower) are analyzed
and approved by the Cost Director.
CORP.CO.A.14 Bis COIN.CO.A.06 The CACC/Cost Manager controls that the calculated values are
CORP.CO.A.15 COIN.CO.A.07 consistent with the balances registered in the corresponding
accounts.
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INVENTORIES
Cost
Access to the shared folder/ site containing the files that support the
inventory valuation, is restricted to authorized personnel.
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.CO.B.01

Before the quarterly closing, Compliance/ Security Control verifies the
CORP.CO.A.07 CORP.CO.B.04 people with access to shared disks (or intranet) used to manage the
CORP.CO.A.08 CORP.CO.B.07 valuation process, requesting confirmation from the Cost Director /
Admistration & Finance regional Director. Corrective actions are taken
CORP.CO.A.12 CORP.CO.B.08 for non-longer needed permissions.
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INVENTORIES
Cost
Inventories are correctly valued and based on an authorized guideline

CFO authorizes any deviations or simplifications to be used for
CORP.CO.A.07 CORP.CO.B.04 valuation purposes for the legal entities under the scope of the Cost
CORP.CO.A.08 CORP.CO.B.07 Competence Center.
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INVENTORIES
Cost

Goods in Process:
CORP.CO.A.07 CORP.CO.B.04 Quarterly, CACC/Cost Manager verifies that quantities included in
CORP.CO.A.08 CORP.CO.B.07 valuation files are consistent with quantities in Legacy Systems. If
differences are identified, assured that they are analyzed, documented
CORP.CO.A.12 CORP.CO.B.08 and authorized.
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INVENTORIES
Cost
Information to value finished goods is accurate.

Quarterly the CACC/Cost Manager reviews the mass balance prepared
CORP.CO.A.07 CORP.CO.B.04 to support the FG final stock to be used for valuation purposes.
CORP.CO.A.08 CORP.CO.B.07 Variations greater than 5% are analyzed.
BACK NEXT
INVENTORIES
Cost
Information used for valuation purposes is accurate.

Quarterly the Costs Analyst ensures that alB21:D25l standards used for
CORP.CO.A.07 CORP.CO.B.04 valuation purposes are the ones defined for the current period and
CORP.CO.A.08 CORP.CO.B.07 have been duly authorized by the area in charge of their issuing.
BACK NEXT
INVENTORIES
Cost
Information used for valuation purposes is accurate.

INDU ensures that all standards used for valuation purposes have
CORP.CO.A.07 CORP.CO.B.04 proper supporting documentation and they are filed in a specific site.
BACK NEXT
INVENTORIES
Cost
Raw materials and materials accounts register all of the transactions
performed and are correctly valued.
CORP.CO.A.06 Bis CORP.CO.B.03 COIN.CO.A.03

Each time a movement of raw materials or materials is registered, SAP
CORP.CO.A.07 CORP.CO.B.04 System automatically updates the inventory valuation, calculating the
CORP.CO.A.08 CORP.CO.B.07 Weighted Average Price and automatically registering it in the
BACK NEXT
INVENTORIES
Cost
Production in progress is correctly valued.

The system automatically controls that raw materials assigned to a
CORP.CO.A.07 CORP.CO.B.04 Production Order are correctly registered at their WAP.
BACK NEXT
INVENTORIES
Cost
Production in progress is correctly valued.

Quarterly, the Cost Analyst controls that the system allocates the Work
CORP.CO.A.07 CORP.CO.B.04 in Progress items correctly.
BACK NEXT
INVENTORIES
Cost

At least on a quarterly basis, the Cost Coordinator reviews and
CORP.CO.A.07 CORP.CO.B.04 approves the valuation for the Finished Goods prepared by the Cost
CORP.CO.A.08 CORP.CO.B.07 Analyst.
BACK NEXT
INVENTORIES
Cost
Raw materials, supplies and finished goods are correctly valued.

Monthly the Cost Analyst compares balances of raw materials,
supplies and finished goods managerial accounts (1141) obtained
CORP.CO.A.08 CORP.CO.B.07 from the SAP MM Module to balances of raw materials, supplies and
finished goods legal accounts (1143) from SAP FI Module. If errors
are detected, the analyst justifies the differences and makes the
CORP.CO.A.13 COIN.CO.A.03 necessary corrections. The Cost Coordinator reviews and approves the
control made by the analyst.
BACK NEXT
INVENTORIES
Industrial
The quantities and descriptions of goods receptions are entered
CORP.IN.A.01 CORP.IN.K.01
completely, accurately and only once.
CORP.IN.B.01 CORP.IN.K.02
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.A.01

CORP.IN.D.02 CORP.IN.L.02 The Production area ensures that minerals receptions are registered in
SAP based on the real quantity received. The quantity and quality of
CORP.IN.I.01 CORP.IN.M.01 the minerals received are controlled by comparing the purchase order
CORP.IN.I.02 COIN.IN.C.03 with what was reported by the Supplier. Differences are analyzed and
monitored, according to what is defined in each location.
CORP.IN.I.03 COIN.IN.D.03
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.B.01

CORP.IN.D.02
Steel Shop area ensures that scrap receptions are registered in the
CORP.IN.L.02
system according to the type and the actual quantity received,
CORP.IN.I.01 CORP.IN.M.01 considering the defined tolerances.
CORP.IN.I.02 COIN.IN.C.03
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
CORP.IN.D.01 CORP.IN.L.01
CORP.IN.D.01
CORP.IN.D.02 CORP.IN.L.02 The Warehouse registers all the receptions of Materials based on the
actual quantity received. In case of differences between the weight
CORP.IN.I.01 CORP.IN.M.01 established by Tenaris and the weight reported by the supplier, only a
CORP.IN.I.02 COIN.IN.C.03 tolerance of + / - 0.5% is permitted. Differences are treated in
accordance to what is defined in the Procurement Authorization
CORP.IN.I.03 COIN.IN.D.03 Manual (PUR 001)
CORP.IN.J.01 Note: Tolerance applies only to significant weighable goods, as
defined by the Goods Reception Standard.
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
CORP.IN.B.01 CORP.IN.K.02 Receptions rejected or not linked to purchase orders are isolated,
analyzed and timely corrected.
CORP.IN.I.01 CORP.IN.M.01 CORP.IN.D.02

For materials subject to quality control, the Warehouse ensures that
CORP.IN.I.02 COIN.IN.C.03 the entry registration is consistent with the technical analysis results,
CORP.IN.I.03 COIN.IN.D.03 or the laboratory tests performed by the Quality officer defined for this
purpose. If qualitative differences are detected and the material entry
CORP.IN.J.01 registration was previously posted in SAP, the rejection movement
CORP.IN.J.02 updates the stock in the system.
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
The quantities and descriptions of consumptions are entered completely,
accurately and only once.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.I.01

CORP.IN.D.02 CORP.IN.L.02 The warehouse delivered quantities are deducted from the stock,
adjusting the material to consumption. If the delivery is done through a
CORP.IN.I.01 CORP.IN.M.01 reserve, the stock is adjusted automatically.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.I.02

CORP.IN.D.02 CORP.IN.L.02 Warehouse area delivers materials based on the evidence of the
reception conformity by the user who received. For those exceptional
CORP.IN.I.01 CORP.IN.M.01 cases of deliveries without a reserve, pre-numbered manual forms are
CORP.IN.I.02 COIN.IN.C.03 used. Manual forms are posted in SAP timely.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
CORP.IN.I.03
CORP.IN.D.02 CORP.IN.L.02 Ferroalloys: On a monthly basis, a physical inventory count of not
CORP.IN.I.01 CORP.IN.M.01 consumed material by the Steel Shop and with the participation of
the area in charge of managing the stock (when applicable) is
CORP.IN.I.02 COIN.IN.C.03 performed and, if appropriate, the designated person of the area in
charge of managing the stock adjusts the monthly consumption
posted in SAP.
CORP.IN.J.01 Tamsa: For those ferroalloys managed by the Steel Shop, the
consumption is posted based on the Scale weighing, adjusting the
CORP.IN.J.02
result according to the existing physical stock in the hopper at the
CORP.IN.J.03 beginning and end of the month.
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
There is a clear identification of the material or product in each of the
production phases.
CORP.IN.J.01
CORP.IN.D.02 CORP.IN.L.02 As industrial operations are performed to product, the processing
status is updated in the System throughout each stage of the
CORP.IN.I.01 CORP.IN.M.01
production process. Additionally, the System validates that the
CORP.IN.I.02 COIN.IN.C.03 elaboration status in related to the industrial productive center.
All stock positions are identified in the system.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
Transactions related to the 3rd party production are accurately
documented.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.J.02

CORP.IN.D.02 CORP.IN.L.02 The system allows to identify the stock of material located in third party
yards that needs to be processed, by supplier.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
documented.
CORP.IN.J.03
CORP.IN.D.02 CORP.IN.L.02 Supply Chain or equivalent area ensures that the outflow of products
to third party yards for processing is supported with a delivery note /
printed fiscal document associated with it.
CORP.IN.I.02 COIN.IN.C.03 Supply Chain or equivalent area ensures that the reentry of the
product is performed based on the documentation issued by the
supplier.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
documented.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.J.04

CORP.IN.D.02 CORP.IN.L.02 At least on a quarterly basis, the qualitative technical loss of products
received from third party yards are analyzed to determine their
CORP.IN.I.01 CORP.IN.M.01 reasonableness. Exceptional deviations should be analized and
CORP.IN.I.02 COIN.IN.C.03 informed to the area in charge of managing the service.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
Inventory transactions (reclassifications, adjustments) are entered
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.K.01

CORP.IN.D.02 CORP.IN.L.02 The Annual Inventory Plan is authorized and executed in accordance
with the prescriptions set forth in the Inventory Control Procedure.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
Inventory transactions (reclassifications, adjustments) are entered
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.K.02

CORP.IN.D.02 CORP.IN.L.02 Inventory adjustments and physical disposal are authorized as
prescribed by the Inventory Adjustments, Disposal, Scrapping and
CORP.IN.I.01 CORP.IN.M.01 Reclassifications Authorization Manual.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
Quantities and descriptions of goods consumptions are entered
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.L.01

CORP.IN.D.02 CORP.IN.L.02 At least quarterly, the Warehouse area ensures that deliveries based on
pre-numbered manual forms were posted in the system.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
completely and accurately.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.L.02

CORP.IN.D.02 CORP.IN.L.02 Quantitative differences between the weight registered by Tenaris and
the weight reported by the supplier, are monthly analyzed according to
CORP.IN.I.01 CORP.IN.M.01 the tolerances stipulated in specific internal procedures.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
Transactions that require to determine the material weight are entered
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.M.01

CORP.IN.D.02 CORP.IN.L.02 According to what has been defined in each location, at least annually,
the Scale undergoes a calibration process performed by a legally
CORP.IN.I.01 CORP.IN.M.01 enabled third party.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
The quantities and descriptions of consumptions are entered completely
and accurately.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.C.03

CORP.IN.D.02 CORP.IN.L.02 Product Warehouse ensures on a monthly basis that Raw Materials
consumption registered in SAP based on the volume produced in SRQ.
CORP.IN.I.01 CORP.IN.M.01 Differences detected are analyzed and adjusted in SAP.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Industrial
There is a clear identification of the material or product in each of the
production phases.
CORP.IN.D.01 CORP.IN.L.01 CORP.IN.D.03

CORP.IN.D.02 CORP.IN.L.02 Finished product stock registered in SAP is verified monthly against the
stock registered in SRQ. Differences detected are analyzed and adjusted
CORP.IN.I.01 CORP.IN.M.01 in SAP.
CORP.IN.J.01
CORP.IN.J.02
CORP.IN.J.03
CORP.IN.J.04
BACK NEXT
INVENTORIES
Commercial
Delivery Notes are generated based on valid Sales Orders and according
CORP.SA.C.01
to the defined tolerance.
CORP.SA.C.03
CORP.SA.C.04 CORP.SA.C.01
CORP.SA.C.05 The Delivery System does not allow to generate a Delivery Note if the
products included in it have not been defined in a Sales Order; or if the
CORP.SA.C.06 quantity exceeds the quantity determined in the Sales Order, based on
CORP.SA.C.08 the defined tolerance.
CORP.SA.H.06
BACK NEXT
INVENTORIES
Commercial
Registered Delivery Notes contain accurate information.
CORP.SA.C.01
CORP.SA.C.03
CORP.SA.C.05 The system does not allow modifications to Delivery Notes that have
been already posted.
CORP.SA.C.06
CORP.SA.C.08
CORP.SA.H.06
BACK NEXT
INVENTORIES
Commercial
All Delivery Notes are registered and generated only once in the
CORP.SA.C.01
appropriate period.
CORP.SA.C.03
CORP.SA.C.05 The Delivery System automatically assigns a correlative number to the
Delivery Note, and does not allow modifications to it. The date is
CORP.SA.C.06 established by the system and it can only be modified within the
CORP.SA.C.08 accounting period.
CORP.SA.H.06
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INVENTORIES
Commercial
Stock is correctly updated in the system.
CORP.SA.C.01
CORP.SA.C.03
CORP.SA.C.05 Once the Delivery Note is generated, the stock is updated automatically.
CORP.SA.C.06
CORP.SA.C.08
CORP.SA.H.06
BACK NEXT
INVENTORIES
Commercial
Every stock movements is identified and registered.
CORP.SA.C.01
CORP.SA.C.03
CORP.SA.C.04
CORP.SA.C.06
CORP.SA.C.05 For those yards managed using a tool different from SAP or not
CORP.SA.C.06 linked to SAP that exceed the 5% of the total inventory of the region
or USD 15,000,000 individually, Supply Chain Department must
CORP.SA.C.08 perform a quarterly balance reconciliation between the yards
CORP.SA.H.06 inventory in SAP and the balances obtained from the inventory
management tool. Any discrepancy exceeding USD 100.000 is
reviewed, explained and resolved no later than the following month.
100% of the discrepancies must be resolved during the next quarter.
For inventory points not exceeding the 5% of the total inventory
value of the region, the control can be performed as per PRD
11223/3.
BACK NEXT
INVENTORIES
Commercial
All Delivery Notes are registered and generated only once in the
CORP.SA.C.01
appropriate period.
CORP.SA.C.03
CORP.SA.C.05 At least quarterly, the person in charge of deliveries performs an
integrity control verifying that every manual Delivery Note is registered
CORP.SA.C.06 in the system before the closing of the period.
CORP.SA.C.08
CORP.SA.H.06
BACK NEXT
INVENTORIES
Commercial
Sales are recognized in the proper period.
CORP.SA.C.01
Every stock movement is identified and registered.
CORP.SA.C.03
CORP.SA.C.04 CORP.SA.H.06
CORP.SA.C.05 Net Invoice: Supply Chain area ensures that returns from wells are
executed within the negotiated time period and processed back in
CORP.SA.C.06 Tenaris inventory timely, before the issuing of the invoice to the
CORP.SA.C.08 customer.
CORP.SA.H.06
BACK NEXT
PROPERTY, PLANT & EQUIPMENT
Accounting Fixed Assets
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13
CORP.AC.D.44
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01
CORP.AC.D.46
CORP.FA.A.06 CORP.FA.B.02
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
Accounting Fixed Assets Property, Plant and Equipment. (“PPE”) / Intangible assets (excluding
Goodwill)
CORP.AC.D.15 Quarterly, the administration responsible should check with the

CORP.AC.D.16 corresponding area and by using general inquiries, the existence of
CORP.AC.D.42 asset's obsolescence, physical damage, lack of use or plans for
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 discontinuing the use in the future.
CORP.AC.D.44
CORP.FA.A.04 CORP.FA.B.01 In the last quarter of the year, the administration responsible should
CORP.AC.D.45
CORP.AC.D.46 perform a detailed analysis together with the corresponding area for
CORP.FA.A.06 CORP.FA.B.02 all the assets > USD 5.000.000 (net book value) and with a
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01 minimum coverage of 90% of the Accounting Category, including
the remaining useful life and residual / scrap value.
CORP.FA.A.10 CORP.FA.C.02 In case of any indication of impairment, an analysis must be
Finance
performed. The results are approved by the Controller /
CORP.FA.A.11
Administration & Finance Regional Manager / Director and sent to
Global Reporting for review. If applicable, an adjustment is posted.
CORP.FI.I.02
BACK NEXT

CORP.AC.D.16
Property, Plant and Equipment. (“PPE”) / Intangible assets
(excluding Goodwill)
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12 On a quarterly basis, the administration responsible should check
CORP.AC.D.42 with the corresponding area (Engineering Dept / IT) and by using
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 general inquiries, the existence of asset's obsolescence; physical
CORP.AC.D.44 damage; lack of use; or plans for discontinuing the use in the
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 future.
CORP.AC.D.46
CORP.FA.A.06 CORP.FA.B.02 Only in the 4Q, the administration responsible should perform a
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01 detailed analysis together with the corresponding area
(Engineering Dept / IT) for all the assets > USD 5.000.000 (net
CORP.FA.A.10 CORP.FA.C.02 book value) and with a minimum coverage of 90% of the
Finance Accounting Category.
CORP.FA.A.11
In case of any indication of impairment, an analysis must be
performed. The results are approved by the Controller /
CORP.FI.I.02 Administration & Finance Regional Manager / Director and sent to
Global Reporting for review. If applicable, an adjustment is posted.
BACK NEXT
Accounting Fixed Assets CORP.AC.D.42

Quarterly, Global Reporting and Economic & Financial
Planning areas verify the existence of impairment indicators
CORP.AC.D.15 and identify the CGU's that should be subject to
CORP.AC.D.16 impairment tests. Such analysis is approved by the
CORP.AC.D.42
Reporting Senior Director and the Economic & Planning
CORP.AC.D.44
Senior Director.
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 In case, as consequence of such analysis, a test of
CORP.AC.D.46 impairment is needed, Global Reporting prepares the
CORP.FA.A.06 CORP.FA.B.02 carrying amounts for the corresponding CGU using the
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01 more updated available financial information, duly
authorized by the Reporting Director.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT

For the identified companies that are subject to impairment
tests, and when applicable for non-depreciable Intangible
CORP.AC.D.15 Assets based on IAS 36 premises, the Financial & Economic
CORP.AC.D.16 Planning area calculates the recoverable value and compares
CORP.AC.D.42 it with the carrying amount provided by Global Reporting.
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 The calculation and potential accounting adjustments, if
CORP.AC.D.44
CORP.FA.A.04 CORP.FA.B.01 any, are approved by the Financial & Economic Planning
CORP.AC.D.45
CORP.AC.D.46
Senior Director and also authorized by the Tenaris' CFO.
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT

Global Reporting checks the adjustments identified by the
Economic & Financial Planning area and verifies their timely
CORP.AC.D.15 posting. The revision is approved by the Global Reporting
CORP.AC.D.16 Senior Manager and authorized by the Reporting Director.
CORP.AC.D.42
CORP.AC.D.44
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT

Quarterly, Global Reporting and Economic & Financial
Planning areas verify the existence of impairment indicators
CORP.AC.D.15 and identify the associated companies that should be
CORP.AC.D.16 subject to impairment tests. Such analysis is approved by
CORP.AC.D.42
the Reporting Senior Director and the Economic & Planning
CORP.AC.D.44
Senior Director.
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 In case, as consequence of such analysis, a test of
CORP.AC.D.46 impairment is needed, Global Reporting prepares the
CORP.FA.A.06 CORP.FA.B.02 carrying amounts for the corresponding associated
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01 company using the more updated available financial
information, duly authorized by the Reporting Director.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT

For the identified associated companies that are subject to
impairment tests, the Financial & Economic Planning area
CORP.AC.D.15 calculates the recoverable value and compares it with the
CORP.AC.D.16 carrying amount provided by Global Reporting. The
CORP.AC.D.42 calculation and potential accounting adjustments, if any, are
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 approved by the Financial & Economic Planning Senior
CORP.AC.D.44 Director and also authorized by the Tenaris' CFO.
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT

Global Reporting checks the adjustments identified by the
Economic & Financial Planning area for the associated
CORP.AC.D.15 companies and verifies their timely posting. The revision is
CORP.AC.D.16 approved by the Global Reporting Senior Manager and
CORP.AC.D.42 authorized by the Reporting Director.
CORP.AC.D.44
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.42 CORP.FA.A.02
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 Before releasing/modifying (*) the PEP Element in SAP the
CORP.AC.D.44 Cost Analyst / Accounting Analyst verifies that the FAI
/Project Summary is completed and authorized in
CORP.AC.D.46
CORP.FA.A.06 CORP.FA.B.02 accordance with the "Capital Expenditures Authorization
CORP.AC.D.47
Manual" and registers the corresponding budget.
CORP.FA.A.10 CORP.FA.C.02 (*) Authorization is not required to post foreign exchange

Finance adjustments.
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.42 CORP.FA.A.02 CORP.FA.A.12 CORP.FA.A.03
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 IT Hours recording
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 Monthly, the E&F Management Control Analyst / SCP
CORP.AC.D.46 System Administrator runs a SCP-SAP interface simulation.
CORP.AC.D.47 CORP.FA.A.06 CORP.FA.B.02 In case errors are detected, they are corrected and then,
CORP.FA.A.08 CORP.FA.C.01 the interface is run.
Finance CORP.FA.A.10 CORP.FA.C.02
CORP.FA.A.11
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12 CORP.FA.A.04
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 SAP System does not allow to assign expenses to a project
CORP.AC.D.44 if they exceed, considering the defined tolerances, the
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 Budget registered in the PEP Element.
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 The Project Leader revises the “Technical" and/or
CORP.AC.D.44 "Definitive" closings of PEP elements and gets the
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 applicable authorizations according to the Capital
CORP.AC.D.46 Expenditures Authorization Manual. ADFI is responsible for
CORP.AC.D.47
checking the authorizations and proceeding with the
CORP.FA.A.08 CORP.FA.C.01 closings in SAP.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 SAP System does not allow to post expenses to PEP
CORP.AC.D.44 elements when they are definitively closed.
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 Quarterly, the Cost Analyst checks projects status,
CORP.AC.D.44 identifies the PEP elements with Technical closing that are
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 available to be capitalized and definitively closed; and
CORP.AC.D.46 performs the closure, or informs the Accounting
CORP.AC.D.47 Department for them to make the closure.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 Quarterly and based on the Capital Expenditures
CORP.AC.D.44 Procedure, the Cost Analyst/ Accounting Analyst verifies
that there are no PEP elements that have been inactive for
CORP.AC.D.46
CORP.FA.A.06 CORP.FA.B.02 over 12 months or opened for more than 3 years.
CORP.AC.D.47
If there are, the Cost Analyst/ Accounting Analyst must
verify the re-authorization of the original top approver in
CORP.FA.A.10 CORP.FA.C.02 TPA. In case of no reauthorization, the Cost Analyst/
Finance
Accounting Analyst must block the PEP elements.
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.42
Quarterly, the Cost Analyst/ Accounting Analyst verifies
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 that the Budget availability control is activated for all PEP
CORP.AC.D.44
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 elements, justifying those that are not or taking actions to
CORP.AC.D.46 activate it and checking that charges do not excess the
CORP.FA.A.06 CORP.FA.B.02 authorized amount (for global projects, this control should
CORP.AC.D.47
CORP.FA.A.08 CORP.FA.C.01 be performed by the entity in which the "principal" PEP is
allocated).
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 Annually, the Engineering Regional Director confirms the
CORP.AC.D.44 proper allocations for all individual posting greater that
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 USD 100k, allocated to PEP elements with more than USD
CORP.AC.D.46 1 Million in postings during the year. In case incorrect
CORP.AC.D.47
postings are detected an action plan is defined and
CORP.FA.A.08 CORP.FA.C.01 followed up.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.AC.D.42 CORP.FA.B.01
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 All fixed assets are loaded on SAP system by the Cost
CORP.AC.D.44 Analyst/ Accounting Analyst indicating type of fixed asset,
depreciation method and useful life; based on the
CORP.AC.D.46
CORP.FA.A.06 CORP.FA.B.02 information received from Engineering or the
CORP.AC.D.47
corresponding responsible area, and the guidelines set in
CORP.FA.A.08 CORP.FA.C.01 the Tenaris Reporting Manual. Any modification to this
CORP.FA.A.10 CORP.FA.C.02 information is authorized by the Controller.
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12 CORP.FA.B.02
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 Ownership titles for the company's registrable assets and
CORP.AC.D.44 the guarantees related to them are safeguarded, and only
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 authorized personnel can access them.
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12 CORP.FA.C.01
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 All Fixed Assets Disposals are authorized in accordance with
CORP.AC.D.44 “Inventory Adjustments, Disposal, Scrapping and
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 Reclassifications Authorization Manual ”.
CORP.AC.D.46
CORP.AC.D.47
Finance
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
CORP.AC.D.15
CORP.AC.D.16
CORP.FA.A.02 CORP.FA.A.12 CORP.FA.C.02
CORP.AC.D.42
CORP.AC.D.43 CORP.FA.A.03 CORP.FA.A.13 When a Fixed Asset is disposed in SAP System (SISPRO in
CORP.AC.D.44 Confab), the system automatically cancels the acquisition
CORP.AC.D.45 CORP.FA.A.04 CORP.FA.B.01 value as well as its related accumulated depreciation.
CORP.AC.D.46
CORP.AC.D.47
Finance CORP.FA.A.10 CORP.FA.C.02
CORP.FA.A.11
CORP.FI.I.02
BACK NEXT
INTANGIBLE ASSETS
CORP.FA.B.04
Fixed Assets All intangible assets are loaded on SAP system by
the Cost Analyst/ Accounting Analyst indicating type
of fixed asset, depreciation method and useful life;
CORP.FA.B.04 based on the information received from Engineering
or the corresponding responsible area, and the
guidelines set in the Tenaris Reporting Manual. Any
modification to this information is authorized by the
Controller.
BACK NEXT
BORROWINGS
CORP.AC.D.17
Financial Debts
Accounting
On a quarterly basis, the Accounting Analyst
controls:
CORP.AC.D.17 a) when applicable, that once the TR/TM module
is closed, its information matches with the
respective accounting information. If errors are
detected during data processing, the analyst
follows up them and verifies their correction.
b) that all Financial Debt accounts have a credit
balance;
c) that all interest accruals are properly recorded;
d) the loans due date in order to reclassify them
according to their maturity as current or non-
current. The reclassification is mandatory for
balances > USD 500,000.
Differences detected or accruals needed from
points a), b) or c) are allowed not to be posted up
BACK to a total amount of USD 100.000. NEXT
TAX LIABILITIES
Accounting
CORP.AC.D.22
Tax Liabilities
CORP.AC.D.22
On a quarterly basis, the Accounting Analyst/Tax Analyst:
- Controls that all the items identified as to be manually
accrued are posted correctly.
- Verifies that Tax liabilities posted on the GL match with
supporting documentation (Tax returns, subsequent payments,
etc.).
- Reclassifies the net tax position, based on its balance when
applicable.
Identified differences summarizing up to USD 100.000 for the
Accounting Category are allowed not to be posted.
BACK NEXT
LABOR LIABILITIES
Accounting Finance HR
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01

CORP.HR.A.02
CORP.HR.A.03
CORP.HR.B.01
CORP.HR.B.02
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21
Payroll- Social Security Debts - Severance Provision
Accounting Finance HR On a quarterly basis, the Accounting Analyst or the Cost Analyst performs the
following activities:
- If done manually, he/she controls that the parameters for calculating
Provisions matches those authorized by the Regional Head of HR, calculates
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 the provision and posts the related journal entries.
CORP.HR.A.02 - Verifies the existence of a restructuring plan according to what is established
in the Tenaris Reporting Manual (TRM) and, if so, calculates the Severance
CORP.HR.A.03 Provision and posts related journal entries.
CORP.HR.B.01 - Reclassifies those Social Security Debts accounts with debit balance, if
applicable.
CORP.HR.B.02 - Controls the reasonableness of registered liabilities (comparing them with
CORP.HR.B.03 subsequent payments), provisions (analyzing old items, debit balance items,
provisions consumption, etc.) and the P&L charge (based on a comparison with
CORP.HR.C.01 previous periods).
CORP.HR.D.01 If payroll calculation is done by a third party, calculation must be approved by
the HR regional manager.
CORP.HR.D.02
CORP.HR.E.01 The minimum coverage for the control is 90% of the Accounting Category. An
aging analysis must be performed, explaining those cases > 90 days.
CORP.HR.E.02 Account balances over USD 100.000 must be analyzed at least annually in the
BACK CORP.HR.E.03 second quarter of the year (June), explaining those cases > 90 days. NEXT
LABOR LIABILITIES
TAMS.FI.A.04
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01
Payroll payments (Santander System)
CORP.HR.A.02
CORP.HR.A.03 Santander System automatically performs a
CORP.HR.B.01 validation of previously imported payroll
Files/documents.
CORP.HR.B.02
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.A.01

CORP.HR.A.02 At least on a monthly basis, the Payroll Analyst, Personnel
CORP.HR.A.03 Administration Specialist (NP) or Personnel Administration
Analyst, performs a control over the payroll, according to
CORP.HR.B.01
the methodology defined in each location. The test is
CORP.HR.B.02 documented and reviewed by the area responsible and
CORP.HR.B.03 Payroll is authorized according to the Human Resources
CORP.HR.C.01 Authorization Manual.
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 Banking debit requests / Payments model (for payroll, taxes
and social contributions payments) are signed
CORP.HR.A.03
(electronically or manually) by 2 users authorized in the
CORP.HR.B.01 bank platform for every pay period.
CORP.HR.B.02
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 The Payroll Analyst, Personnel Administration Specialist
CORP.HR.A.03
(NP) or the Personnel Administration Analyst analyzes the
reasonableness of social security’s withholdings and
CORP.HR.B.01 contributions calculations in accordance with local
CORP.HR.B.02 regulations. The analysis is documented and reviewed by
CORP.HR.B.03 the area responsible.
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.B.01

CORP.HR.A.02 The Compensation & Benefits Dept. verifies that individual
compensations regarding promotions, performance
CORP.HR.A.03
bonuses and extraordinary bonuses to WC personnel are
CORP.HR.B.01 duly authorized before being released on SAP HR module
CORP.HR.B.02 through a change of status on the system.
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 The Payroll Analyst, Personnel Administration Specialist
CORP.HR.A.03 (NP) or Personnel Administration Analyst verifies
completeness and accuracy of Annual compensation
CORP.HR.B.01
process data transferred between Compensations System
CORP.HR.B.02 (SAP HR) and payroll settlements systems. The analysis is
CORP.HR.B.03 documented and authorized by the person in charge of
CORP.HR.C.01 the Payroll office.
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 The Payroll Analyst and the Personnel Administration
CORP.HR.A.03
Manager analyze the reasonableness of the Employees’
statutory profit sharing (PTU for Tamsa and PLR for
CORP.HR.B.01 Confab) settled amount generated by the automatic
CORP.HR.B.02 settlement process, in accordance with the criteria
CORP.HR.B.03 established by the Labor Federal Act.
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.C.01

CORP.HR.A.02 HR Analyst checks on a biweekly basis that end of
CORP.HR.A.03 employments and/or leaves of absences were properly
and timely processed, reviewing the entry date against its
CORP.HR.B.01
effective date. Differences greater than two working days
CORP.HR.B.02 after the exit effective date must be justified and
CORP.HR.B.03 approved by the Personnel Administration Manager (L3)
CORP.HR.C.01 or the Human Resources Ssc Manager (L3).
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.D.01

CORP.HR.A.02 Cash Management Platforms
CORP.HR.A.03
Before assigning new entitlements or processing changes
CORP.HR.B.01
for an existing user, the Human Resources area must
CORP.HR.B.02 verify the following information:
CORP.HR.B.03 - Request duly authorized by the employee supervisor
CORP.HR.C.01 - Authorization from the Compliance Department.
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.D.02

CORP.HR.A.02 Cash Management Platforms
CORP.HR.A.03
Based on the information received from Security Control
CORP.HR.B.01 related to rotations, leaves and terminations, the Human
CORP.HR.B.02 Resources area takes the necessary actions to disable the
CORP.HR.B.03 users.
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES
CORP.AC.D.21 TAMS.FI.A.04 CORP.HR.A.01 CORP.HR.E.01

CORP.HR.A.02 Modifications to time records for Hourly employees are
only performed by their supervisors or HR people but only
CORP.HR.A.03
based on prior supervisors's approval.
CORP.HR.B.01
CORP.HR.B.02
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 On a monthly basis, the Payroll area performs an integrity
control between the Time Record system used for Hourly
CORP.HR.A.03
employees and the one used for Payroll purposes.
CORP.HR.B.01 Differences are identified, justified and approved by the
CORP.HR.B.02 Payroll area supervisor (at least level 3).
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
LABOR LIABILITIES

CORP.HR.A.02 The area in charge of each location (HR or SSC) checks and
validates that hirings are approved according to the
CORP.HR.A.03
applicable procedure and the compensation information is
CORP.HR.B.01 properly upload into the Compensation system.
CORP.HR.B.02
CORP.HR.B.03
CORP.HR.C.01
CORP.HR.D.01
CORP.HR.D.02
CORP.HR.E.01
CORP.HR.E.02
BACK CORP.HR.E.03
NEXT
OTHER LIABILITIES
Accounting Finance
CORP.AC.D.35 CORP.FI.D.02
CORP.FI.E.01
CORP.FI.E.02
CORP.FI.E.03
BACK NEXT
OTHER LIABILITIES
Accounting Finance
CORP.AC.D.35 CORP.FI.D.02 CORP.AC.D.35

CORP.FI.E.01 Annually, the calculation and review of Employee Benefits Programs is
performed in accordance to what is defined by the Employee Benefits
CORP.FI.E.02
Registration Operative Practice.
CORP.FI.E.03
BACK NEXT
OTHER LIABILITIES
Accounting Finance
CORP.AC.D.35 CORP.FI.D.02 CORP.FI.D.02

CORP.FI.E.01 Treasury Director verifies financial covenants compliance. Back
Office/Treasury informs to Counterpart the covenant compliance (if
CORP.FI.E.02
required). Treasury keeps an inventory of agreements with the detail of
CORP.FI.E.03 each covenant, in order to file the documentation in a timely
manner. The covenants follow up Report is approved by the Treasury
Director.
BACK NEXT
OTHER LIABILITIES
Accounting Finance
CORP.AC.D.35 CORP.FI.D.02 CORP.FI.E.01

CORP.FI.E.01 The approval and authorization of a corporate guarantee issuance is in
accordance with Corporate Guarantees Issuance Procedure.
CORP.FI.E.02
CORP.FI.E.03
BACK NEXT
OTHER LIABILITIES
Accounting Finance

CORP.FI.E.01 On a quarterly basis, Back Office sends a detail of outstanding
guarantees to Accounting, Reporting and the areas in charge of their
CORP.FI.E.02
administration.
CORP.FI.E.03
BACK NEXT
OTHER LIABILITIES
Accounting Finance

CORP.FI.E.01
Back Office checks the guarantees maturity to start their recovery.
CORP.FI.E.02
CORP.FI.E.03
BACK NEXT
PROVISIONS
Accounting
CORP.AC.D.09
CORP.AC.D.19
CORP.AC.D.20
CORP.AC.D.23
BACK NEXT
PROVISIONS
Accounting
CORP.AC.D.19 Claims Provision
CORP.AC.D.20
On a quarterly basis, the Accounting Analyst, verifies and posts the
CORP.AC.D.23 claims provision in accordance with the prescriptions set forth in the
Management of Customer Dissatisfaction Events Procedure.
BACK NEXT
PROVISIONS
CORP.AC.D.19
Accounting Commercial Provisions
On a quarterly basis, the Cost Analyst/Accounting Analyst/Shared

Service Analyst performs the following activities:
CORP.AC.D.09 a) verifies the completeness of transactions coming from interfaces. If
CORP.AC.D.19 errors are detected during data processing, the analyst follows them
CORP.AC.D.20 up and verifies their correction.
b) controls that all Commercial Provisions have credit balance.
CORP.AC.D.23
Balances up to a total amount of USD 100.000 are allowed not to be
reclassified.
c) analyzes uncleare items posted in the account for more than 90
days
A total amount of USD 500.000 is allowed not to be explained or

followed up as a result of executing control activities listed in points
a) and c).
BACK NEXT
PROVISIONS
Accounting
CORP.AC.D.19 Commercial Provisions
CORP.AC.D.20
Annually (as of the end of the year), the Cost Analyst or Accounting
CORP.AC.D.23
Analyst controls that the balance of "Extraordinary Maintenance
Expenses" provision equals zero, in accordance with "Tenaris
Accounting Principle - PPE Major Repairs" standard.
In the event an outstanding balance remains, adequate justification and
documentation for pending amounts must be provided.
BACK NEXT
PROVISIONS
Accounting
CORP.AC.D.19 Lawsuits Provision
CORP.AC.D.20
On a quarterly basis, the Accounting Analyst checks that "Lawsuits
CORP.AC.D.23 Provision" is calculated and posted in accordance with the "Contingent
Liabilities" Procedure.
BACK NEXT
TRADE PAYABLES
Commercial
Accounting Accounts Payable Finance
Agents
CORP.AC.D.18 CORP.AP.A.01 CORP.AP.C.03 CORP.AG.A.01 COIN.FI.A.02 CORP.FI.G.02
CORP.AC.D.36 CORP.AP.A.03 CORP.AP.C.04 CORP.AG.B.01 COIN.FI.A.03 CORP.FI.G.10

CORP.AC.D.40 CORP.AP.A.07 CORP.AP.C.05 CORP.FI.A.01 DS1-.FI.A.02
CORP.AP.A.08 CORP.AP.C.06 CORP.FI.A.08 DS1-.FI.A.04
CORP.AP.A.09 CORP.AP.C.07 CORP.FI.A.09 TAMS.FI.A.01
CORP.AP.B.01 CORP.AP.D.01 CORP.FI.A.10 TAMS.FI.A.03

CORP.AP.B.02 CORP.AP.D.02 CORP.FI.G.01
CORP.AP.B.04 CORP.AP.D.03
CORP.AP.C.01 CORP.AP.D.04
BACK To go back to this index, click on TRADE PAYABLES NEXT

TRADE PAYABLES
Accounting
CORP.AC.D.18
CORP.AC.D.18
CORP.AC.D.36
Trade Payables
CORP.AC.D.40
On a quarterly basis, the Accounts Payable Analyst or Accounting Analyst
performs the following controls:
A) verifies that every Trade Payables account has credit balance, reclassifying
balances based on the following criteria:
- suppliers' debit balances over USD 500,000, the reclassification is
mandatory
- suppliers' debit balances up to USD 500,000 and total debit balance
exceeding USD 1,500,000 (tolerance threshold), the reclassification is
mandatory up to reach the tolerance threshold;
B) analyzes and explains all open items for more than 180 days (including
advance payments to suppliers), being able to leave without explanations
up to a maximun of USD 500.000 for balances in the Passive.
BACK NEXT
To go back to the Trade Payables index, click on Trade Payables
TRADE PAYABLES
Accounting
CORP.AC.D.18
CORP.AC.D.36
CORP.AC.D.36
Payments Backlog:
CORP.AC.D.40
On an annual basis, the Accounting Coordinator:
a) for the invoices with an amount greater that USD 500,000 posted in SAP
up to January 10th verifies, based on the supporting documentation, that
the recognition was performed within the proper fiscal period
b) analyzes the "pending to post" and the "pending to authorize" invoices
in the Extranet tool and SAP > USD 500,000
c) reviews the "pending to post" invoices > USD 500,000 and the ones
"pending to be authorized" in the Special Payment Tool (when available);
d) registers a provision duly authorized by the Controller in case of
differences detected in points a), b) and c).
BACK NEXT
TRADE PAYABLES
Accounting
CORP.AC.D.18
CORP.AC.D.40
CORP.AC.D.36 Commitments are identified, reviewed and reported by ADFI in accordance to
CORP.AC.D.40 the Guarantees and Commitments Procedure.
BACK NEXT
TRADE PAYABLES
Accounts Payable
CORP.AP.A.01 CORP.AP.C.03
CORP.AP.A.01
CORP.AP.A.07 CORP.AP.C.05 Invoices without related PO
The systems (extranet/business expenses for approval and SAP for
authorization) are designed to automatically require authorization
CORP.AP.A.09 CORP.AP.C.07 based on the levels defined in the applicable authorization manual.
BACK NEXT
TRADE PAYABLES
Accounts Payable
CORP.AP.A.01 CORP.AP.C.03 CORP.AP.A.03
For those documents without Purchase Order and not loaded
through Extranet, the Accounts Payable Analyst/Officer verifies
CORP.AP.A.07 CORP.AP.C.05 that the signature levels are correct, based on the applicable
authorization manual.
In case of advanced payments, Accounts Payable Analyst/Officer
CORP.AP.A.09 CORP.AP.C.07 compare the amount and guarantee offered by the Supplier with
what is detailed in the applicable Purchase Order/Contract, or, if
there isn’t Purchase Order or Contract, with what was
CORP.AP.B.02 CORP.AP.D.02 established by Treasury (verifying the correct authorization from
the Treasury Department). When there is no caution policy or
guarantee, Accounts Payable Analyst must receive the applicable
CORP.AP.C.01 CORP.AP.D.04 authorization according to the Authorization Manual.
BACK NEXT
TRADE PAYABLES
Accounts Payable
CORP.AP.A.07
For local purchases, SAP automatically performs a cross-control
CORP.AP.A.03 CORP.AP.C.04 among the Purchase Order, the Invoice and the reception (3 - Way
CORP.AP.A.07
Matching) of those Documents related to a Purchase Order or
CORP.AP.C.05
Contract.
BACK NEXT
TRADE PAYABLES
Accounts Payable CORP.AP.A.08

CORP.AP.A.01 CORP.AP.C.03 SAP system blocks Documents when:
- there is a price difference between the Invoice and the Purchase Order or
CORP.AP.A.03 CORP.AP.C.04 Contract; and this difference was not solved with the issuance of a debit note.
- the payment beneficiary or Supplier data taken by default from the Suppliers
Masterfile is modified;
CORP.AP.A.08 CORP.AP.C.06 - the payment condition differs from the one on the Purchase Order;
CORP.AP.A.09
- the Supplier account has open debits or advanced payments;
CORP.AP.C.07
- the Document is modified, except for Confab when ZFN057 transaction is
CORP.AP.B.01 CORP.AP.D.01 used (it only allows the modification of the due date and the documents'
payment condition. If the due date is changed for more than two days, this
change is authorized -when applicable-);
CORP.AP.B.04 CORP.AP.D.03 - there is not a related PO on the system and the invoice did not come through
Extranet
When the document is blocked, it goes through a new release strategy, based
CORP.AP.C.02 CORP.AP.D.06 on the applicable authorization manual (see control CORP.AP.A.01).
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TRADE PAYABLES
Accounts Payable
CORP.AP.A.03 CORP.AP.C.04 SAP does not allow any document registration if the reference field is
not completed with the Invoice number sent by the supplier. When the
Document type, Reference number and Supplier number match exactly
CORP.AP.A.08 CORP.AP.C.06 any document previously loaded with the same data and for the same
CORP.AP.A.09
legal entity, the new document cannot be posted.
CORP.AP.C.07
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TRADE PAYABLES
Accounts Payable
CORP.AP.A.03 CORP.AP.C.04 CORP.AP.B.01

SAP system does not allow to make a payment proposal in the following
CORP.AP.A.07 CORP.AP.C.05 cases:
CORP.AP.A.08 CORP.AP.C.06 - compensated Documents;
- blocked Documents;
CORP.AP.A.09 CORP.AP.C.07 - suppliers blocked for payment.
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TRADE PAYABLES
Accounts Payable

Payment proposal cancellations are authorized/unlinked by the Treasury
CORP.AP.A.07 CORP.AP.C.05 Department. If the payment proposal was not transferred to the treasury
CORP.AP.A.08 CORP.AP.C.06 department, accounts payable can cancel it directly.
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TRADE PAYABLES
Accounts Payable

The system sends an error message if a document is posted and released
CORP.AP.A.07 CORP.AP.C.05 by the same person.
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TRADE PAYABLES
Accounts Payable
CORP.AP.A.03 CORP.AP.C.04 CORP.AP.C.01

When a new supplier is created on SAP. the system checks that it is not
CORP.AP.A.07 CORP.AP.C.05 duplicated by comparing:
CORP.AP.A.08 CORP.AP.C.06 Same Tax Number + Country = ERROR
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TRADE PAYABLES
Accounts Payable

All new Suppliers or modifications regarding tax information, supplier's
CORP.AP.A.07 CORP.AP.C.05 bank account, alternative beneficiary or name are blocked by the system.
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TRADE PAYABLES
Accounts Payable

To enable a Supplier is mandatory to inform the reconciliation account.
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TRADE PAYABLES
Accounts Payable

At least twice a year, for those suppliers without a mandatory Tax
CORP.AP.A.07 CORP.AP.C.05 Number associated in the master data, the Accounts Payable
CORP.AP.A.08 CORP.AP.C.06 Analyst/Coordinator verifies that there are not duplicate records.
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TRADE PAYABLES
Accounts Payable

Suppliers are unblocked in SAP system by the Accounts Payable
CORP.AP.A.07 CORP.AP.C.05 Analyst/Coordinator according to the Supplier Masterfile Procedure.
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TRADE PAYABLES
Accounts Payable

On a monthly basis (as of the end of the month), for those suppliers
CORP.AP.A.07 CORP.AP.C.05 created without being blocked by SAP system, the Accounts Payable
CORP.AP.A.08 CORP.AP.C.06 Analyst/Coordinator controls the supporting documentation.
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TRADE PAYABLES
Accounts Payable

On a semi-annnually basis for those suppliers invoices when the tax
indicator configuration is open to manual inputs, the Accounts Payable
CORP.AP.A.08 CORP.AP.C.06 Analyst/ Coordinator controls and analyses the amount differences >
USD 1,000 between the tax posted and the system rate calculation,
ensuring a minimum coverage of the 80% over the total identified
CORP.AP.B.01 CORP.AP.D.01 differences.
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TRADE PAYABLES
Accounts Payable
CORP.AP.A.03 CORP.AP.C.04 CORP.AP.D.01

For invoices associated to a PO without Good Received checkbox marked,
CORP.AP.A.07 CORP.AP.C.05 SAP prevents the posting of a quantity higher than the one authorized in
CORP.AP.A.08 CORP.AP.C.06 the PO.
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TRADE PAYABLES
Accounts Payable

Advances payments are automatically discounted from payments when
CORP.AP.A.07 CORP.AP.C.05 executing the payment proposals, unless authorized by a L1 from
CORP.AP.A.08 CORP.AP.C.06 Accounts Payables area.
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TRADE PAYABLES
Accounts Payable

Quaterly
CORP.AP.A.07 CORP.AP.C.05 The Share Service Center for Account Payables analyzes potential cases
CORP.AP.A.08 CORP.AP.C.06 of duplicate payments. A report is issued showing the cases detected
and the follow up for those ones where funds need to be returned by
CORP.AP.A.09 CORP.AP.C.07 the supplier or a debit note should be issued.
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TRADE PAYABLES
Accounts Payable

When applicable according to local regulations, SAP generates an
CORP.AP.A.07 CORP.AP.C.05 automatic Debit Note to the supplier upon a goods return or a SES
CORP.AP.A.08 CORP.AP.C.06 cancellation takes place
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TRADE PAYABLES
Accounts Payable

Only for Dalmine: Quaterly
CORP.AP.A.07 CORP.AP.C.05 The IT area (with AP area support) revises and controls the integrity and
CORP.AP.A.08 CORP.AP.C.06 consistency of the invoices received between SDI (Sistema Di
Intercambio), Infocert and SAP system.
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TRADE PAYABLES
Commercial
Agents
CORP.AG.A.01
CORP.AG.A.01
Commercial Intermediaries due diligence control
CORP.AG.B.01 The Administration Responsible confirms the completeness of the due
diligence files prepared in accordance with the Commercial
Intermediaries Retention Procedure (COM 011), for each Commercial
Intermediary entering into a new agreement or renewal.
CORP.AG.B.01
Commission's payment control
Upon the reception of an Agent invoice, the Administration Responsible
executes the verifications established in the Commercial Intermediaries
Retention Procedure.
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TRADE PAYABLES
Finance
COIN.FI.A.02
COIN.FI.A.02 CORP.FI.G.02
Electronic Commercial Payments from Local Accounts
SISPAG system requires two authorizers for the payment release.
CORP.FI.A.01 DS1-.FI.A.02
CORP.FI.A.09 TAMS.FI.A.01
CORP.FI.G.01
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TRADE PAYABLES
Finance
CORP.FI.G.02
COIN.FI.A.03
COIN.FI.A.02
Electronic Commercial Payments from Local Accounts
SISPAG System automatically performs a validation of previously
imported files.
CORP.FI.G.01
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TRADE PAYABLES
Finance
CORP.FI.A.01
CITIDIRECT System / SAP (Host to Host) automatically performs a validation
COIN.FI.A.03 CORP.FI.G.10 of previously imported Citidirect Files/documents (run ID/profile name)
CORP.FI.G.01
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TRADE PAYABLES
Finance
CORP.FI.A.08
Checks/ Borderó payments (Confab) are signed/ authorized by two
COIN.FI.A.03 CORP.FI.G.10 attorneys in fact based on the related backup documentation (payment
proposal).
CORP.FI.G.01
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TRADE PAYABLES
Finance
CORP.FI.A.09
Checks are voided in accordance with Checks Administration Procedure
COIN.FI.A.03 CORP.FI.G.10 section “Checks Cancellation”.
CORP.FI.G.01
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TRADE PAYABLES
Finance
CORP.FI.G.02
CORP.FI.A.10
COIN.FI.A.02
Treasury Analyst reconciliates not issued checks/ pending to deliver
COIN.FI.A.03 CORP.FI.G.10 checks with SAP information, on a monthly basis, leaving evidence of
such control. Treasury Regional Manager verifies the performance of this
control.
CORP.FI.G.01
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TRADE PAYABLES
Finance
COIN.FI.A.02 CORP.FI.G.02 CORP.FI.G.01

CITIDIRECT System
DS1-.FI.A.02
Manual payments are made through a preformat authorized following
CORP.FI.A.01
the CITIDIRECT-Preformat Administration Procedure, section
CORP.FI.A.08 DS1-.FI.A.04 Authorization Analysis.
CORP.FI.G.01
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TRADE PAYABLES
Finance

CITIDIRECT System / SAP (Host to Host)
CORP.FI.A.01 DS1-.FI.A.02 The approval and release of commercial/ financial payments are in
accordance with the authorization workflow as defined in Citidirect
CORP.FI.A.08 DS1-.FI.A.04 Authorization Manual (Citidirect System).
The "PRINT OUT" in SAP is only executed by the Treasury department
(Host to Host)
CORP.FI.G.01
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TRADE PAYABLES
Finance

Payments not made through CMS CITIDIRECT:
CORP.FI.A.01 DS1-.FI.A.02 Confab: Financial/ Import Payments

Dalmine: Financial & Commercial Payments
Payments are done through an Instruction Letter and/ or contract signed
by two Attorneys in Fact based on the proper backup documentation.
CORP.FI.G.01
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TRADE PAYABLES
Finance
DS1-.FI.A.02
The release of payment proposals through DATANET/INTERBANKING
COIN.FI.A.03 CORP.FI.G.10 requires the approval of two authorizers.
CORP.FI.G.01
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TRADE PAYABLES
Finance
COIN.FI.A.02 CORP.FI.G.02 DS1-.FI.A.04

DATANET System
COIN.FI.A.03 CORP.FI.G.10 Payment Proposals downloaded from SAP are stored in a share folder
DS1-.FI.A.02
restricted to Treasury personnel.
CORP.FI.A.01
The system rejects the import of payment proposal files if they are not
CORP.FI.A.08 DS1-.FI.A.04 encrypted, digitally signed or were previously loaded in Datanet.
CORP.FI.G.01
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TRADE PAYABLES
Finance
COIN.FI.A.02 CORP.FI.G.02 TAMS.FI.A.01

Gas Payments-Pemex (Bancanet)
CORP.FI.A.01 DS1-.FI.A.02 Before releasing the payment, Treasury Analyst controls the existence of
Treasury Regional Manager's approval and checks that the information
CORP.FI.A.08 DS1-.FI.A.04 sent by Accounts Payable matches with the information provided by the
CORP.FI.A.09
system.
TAMS.FI.A.01
CORP.FI.G.01
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TRADE PAYABLES
Finance
TAMS.FI.A.03
Payroll/ Tax payments
Payment release requires joint signature.
CORP.FI.G.01
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EQUITY
Accounting Finance
CORP.AC.D.24 CORP.FI.B.03
Equity Quarterly, Risk Management
CORP.AC.D.24 CORP.FI.B.03 & Financial Analysis
On a quarterly basis, the department determines and
Accounting Analyst/ Reporting informs the Hedge Reserve to
Analyst prepares a Statement of be registered by the local
Changes in Shareholders' equity Administrations.
controlling the opening account
balances, the closing balances and
movements of the period, cross-
checking them with supporting
documentation. (Included in the
Check List’s section of the
Financial Reporting Package)
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NET SALES
Accounting Commercial
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01
CORP.AC.E.09 CORP.SA.D.01 CORP.SA.G.02
CORP.SA.D.02 CORP.SA.G.03
CORP.SA.D.03 CORP.SA.H.01
Reporting
CORP.RP.F.06 CORP.SA.D.06
CORP.SA.D.07
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NET SALES
Accounting Commercial CORP.AC.D.25

Sales Analysis
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 Quarterly, ADFI departments must calculate the rig returns provision based
on the Revenue Recognition procedure. Once calculated, the Region could
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 decide not to post it obtaining the following authorizations:- Up to 0.5
MUSD: Controller, Administration Senior Manager, Administration
Regional Senior Manager or Adm. & Finance Director - From 0.5 MUSD
CORP.SA.D.02 CORP.SA.G.03 and up to 1 MUSD: Regional CFOAll adjustments by legal entity that
amount over 1 MUSD must be posted, unless otherwise is authorized by
CORP.SA.D.03 CORP.SA.H.01 Tenaris’ CFO.
Reporting
CORP.SA.D.07
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NET SALES
Accounting Commercial CORP.AC.E.04

Annually and based on a comprehensive contract analysis
using a 12-month cumulative Sales Database as of the
previous month of the annual closing as defined in the
Revenue Recognition procedure, the Administration area
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 identifies the new commercial ones where the revenue
includes implicit services embedded in the total value of the
contract (other than rig returns) that should be recognized by
CORP.SA.D.02 CORP.SA.G.03 measuring progress toward satisfaction of each performance
obligation. Conclusions (also including contracts already
CORP.SA.D.03 CORP.SA.H.01 reviewed in previous assessments) should be documented
Reporting and authorized by the Regional CFO.
CORP.SA.D.07
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NET SALES
Accounting Commercial CORP.AC.E.09

Annually, Regional ADFI must analyze and post the accounting
impacts calculated as per control CORP.AC.E.04 considering
the timing of revenue recognition of each implicit
service/performance obligation embedded in the total value of
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 the analyzed contracts (other than rig returns). The calculation
of the adjustment must also include sales recognized during
CORP.AC.E.09 CORP.SA.D.01 CORP.SA.G.02 the last month of the year, even when they are excluded from
CORP.SA.D.02 CORP.SA.G.03 the database analysis defined. However, if the determined
adjustment amount to revenue by legal entity is under 1
CORP.SA.D.03 CORP.SA.H.01 MUSD, the Region could decide not to post it obtaining the
Reporting following authorizations:
- Up to 0.5 MUSD: Controller, Administration Senior Manager,
CORP.SA.D.05 CORP.SA.H.06 Administration Regional Senior Manager or Adm. & Finance
Director
CORP.RP.F.06 CORP.SA.D.06 - From 0.5 MUSD and up to 1 MUSD: Regional CFO
CORP.SA.D.07 All adjustments by legal entity that amounts over 1 MUSD
must be posted, unless otherwise is authorized by Tenaris CFO
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NET SALES
CORP.RP.F.06
Global Reporting (receiving input from the Regional
ADFI's) must quantify at Tenaris level all those
adjustments related to revenue (sales performed but not
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 billed, rig returns provision, rebates or discounts) which
were not posted at a regional level. If the total is over
5MUSD, GR will share the cases with the CFO in order to
CORP.SA.D.02 CORP.SA.G.03 take a decision for posting the adjustments.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.A.01
Before releasing a Sales Order in SAP, Supply Chain

performs a Contract Review ensuring that main data
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 matches with the information provided by the Commercial
Front End (only for Confab).
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.C.01
The Delivery System does not allow to generate a Delivery Note
if the products included in it have not been defined in a Sales
Order; or if the quantity exceeds the quantity determined in the
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 Sales Order, based on the defined tolerance.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.01
Accounting Commercial Billing related to a Sales Order and a Delivery Note is
automatically issued based on the system-originated Delivery
Notes. Relevant data cannot be modified.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.02
Accounting Commercial The area in charge verifies Credit or Debit Notes are issued
according to the Sales Authorization Manual.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.03
The System automatically assigns a correlative number to the
billing documents, and does not allow modifications to it. The
system does not allow to generate a document with a date
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 earlier than the date of the last issued document and within an
accounting period different form the open one.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.04
The System does not allow modifications to already issued
billing documents.
(Special case Dalmine: modifications to VAT condition can be
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 made until the invoice is issued; and modifications to header
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 and footer comments can be made even after the document is
registered in SAP System).
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.05
Accounting Commercial The System does not allow to select a Delivery Note that has
already been invoiced.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.D.06
At least quarterly the Invoicing Analyst analyzes the errors
detected during the interface between the Invoicing System
and SAP System. He/she solves the problems or forwards them
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 to the corresponding responsible areas in order to reach a
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 solution.
Once the problems are solved, the interface is run again until
CORP.AC.E.09 CORP.SA.D.01 CORP.SA.G.02 no errors are found.
Reporting
CORP.SA.D.07
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NET SALES
Accounting Commercial CORP.SA.D.07

Quarterly, Supply Chain / SSC AP controls the appropriate
sales cut off to ensure that revenues are properly recognized
in the period, communicating to the Accounting Area sales
that have to be reversed or accrued for (ie. invoices for which
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 sales condition has not been fulfilled, goods shipped not
billed including net billing cases, bill & hold and close end
contracts for which revenue must or must not be recognized,
CORP.SA.D.02 CORP.SA.G.03 sales through commercial intermediaries for which final
delivery to the client may or may not have been fulfilled,
explicit services rendered but not billed, etc.). Such analysis
Reporting should be approved by an officer with Authorization Level #
3.
CORP.SA.D.07
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NET SALES
CORP.SA.D.08
At least quarterly the Supply Chain Analyst analyzes the errors
detected during the interface between the Delivery System
and SAP System. He/she solves the problems or forwards them
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 to the corresponding responsible areas in order to reach a
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 solution.
Once the problems are solved, the interface is run again until
CORP.AC.E.09 CORP.SA.D.01 CORP.SA.G.02 no errors are found.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.G.01
Each BU Director on a quarterly basis certifies, based on a
sample verification, that offers sent to the customer during
the period are in compliance with the SAM and that SO
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 generated during the period are based in the information
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 contained in the related offer and customer document. All
deviations are timely addressed.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.G.02
Accounting Commercial Prices, volume and margins of each BU are analyzed by Top
Management in a monthly meeting. Unusual trends and
deviations against expectations are analyzed.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.G.03
Accounting Commercial Relevant offers and orders are reviewed during the Biweekly Top
Management Meeting, allowing detection of material
deviations against expectations.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.H.01
When issuing manual invoices, credit or debit notes, correlative
numbers are controlled through a spreadsheet any other
solution with similar purposes. A control is performed to verify
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 there are no missing or duplicate documents and that all of
CORP.AC.E.04 CORP.SA.C.01 CORP.SA.G.01 them have been timely registered in SAP (in the quarterly
closing).
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.H.04
Accounting Commercial CCR system (Offers administration) is customized according to
the Sales Authorization Manual for all the business scenarios
when an authorization is required.
Reporting
CORP.SA.D.07
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NET SALES
CORP.SA.H.06
Net Invoice: Supply Chain area ensures that returns from wells
are executed within the negotiated time period and processed
back in Tenaris inventory timely, before the issuing of the
CORP.AC.D.25 CORP.SA.A.01 CORP.SA.D.08 invoice to the customer.
Reporting
CORP.SA.D.07
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COST OF SALES
Cost Industrial
CORP.CO.A.02 CORP.CO.B.01 CORP.IN.A.01 CORP.IN.J.03
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01

CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03
CORP.CO.A.15 COIN.CO.A.06 CORP.IN.J.01 COIN.IN.D.03
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COST OF SALES
Cost Industrial

CORP.CO.A.02
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Access to the shared folder / site containing
the files that support the inventory
valuation, is restricted to authorized
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 personnel. Access to shared folder / site is
CORP.CO.A.14 COIN.CO.A.03 authorized by the relevant Controller,
Senior Manager or Director.
CORP.CO.A.14 Bis COIN.CO.A.05 COIN.IN.C.03
CORP.IN.I.03
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COST OF SALES
Cost Industrial
CORP.CO.A.06
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 Key Raw Materials:
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 Quarterly the CACC/Cost Analyst verifies
and the CACC/Cost Manager controls
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 that:
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 1) Initial quantities are equal to final
quantities for previous period.
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 2) Final quantities are consistent to the
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 ones showed in legacy systems. Any
difference must be analized, documented
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 and authorized.
CORP.CO.A.15 COIN.CO.A.06 CORP.IN.J.01 COIN.IN.D.03 3) Authorized valuation criteria was
applied.
CORP.CO.A.16 COIN.CO.A.07 CORP.IN.J.02 4) Verify that the balances in SAP are
CORP.CO.A.17 COIN.CO.A.10 consistent with the ones calculated.
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.CO.A.06 Bis

Materials & Supplies:
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 Quarterly the CACC/Cost Analyst verifies
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 and the CACC/Cost Manager controls
that:
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 1) Final quantities are consistent to the
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 ones showed in SAP. Any difference
must be analyzed, documented and
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 authorized.
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 2) Authorized valuation criteria was
applied.
CORP.CO.A.15 COIN.CO.A.06 COIN.IN.D.03
CORP.IN.J.01 3) Verify that the balances in SAP are
consistent with the ones calculated.
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COST OF SALES
Cost Industrial

CORP.CO.A.07
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Quarterly the CACC/Cost Manager
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 controls the reasonableness test of
valuation perform by the analyst,
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 explaining trend changes (IFRS/STD Index)
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 with a deviation of more than 10% for
accounts that represent more than 1% of
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 the IFRS total stock value.
CORP.IN.J.01
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COST OF SALES
Cost Industrial
CORP.CO.A.02 CORP.CO.B.01 CORP.IN.A.01 CORP.IN.J.03 CORP.CO.A.08
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 Quarterly the CACC/Cost Manager
controls that:
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 1) All stocks are subject to obsolesce
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 test;
2) Obsolescence provision was
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 calculated based on the criteria defined
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 by the policy issued by Global
Reporting, by means of a global test.
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 3) There is a justification for differences
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 greater than 10% of book value, or
greater than USD 250K.
CORP.IN.J.01 4) The obsolescence provision was
CORP.CO.A.16 COIN.CO.A.07 properly posting by verifying that
CORP.IN.J.02
calculated values are consistent with
the balances for the corresponding
accounts.
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COST OF SALES
Cost Industrial
CORP.IN.D.01 CORP.IN.K.01
CORP.CO.A.13
Finished Goods
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Quarterly, CACC/Cost Manager verifies
that the valuation of finished goods is
not greater that the Net Realization
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 Value, and in accordance with the
policy, and reviews the corresponding
adjustments if needed.
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.CO.A.14

CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 Goods in Process:
Quarterly the CACC/Cost Manager
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 controls the valuation for goods in
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 process and verifies that the absorption
of fixed costs is performed according to
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 the "Tenaris S.A. Public Accounting
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 Reporting Policy: Absorption".
The CACC/Cost Manager also checks that
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 the values in the file uploaded to the
CORP.IN.J.01 COIN.IN.D.03 defined sharedrive are consistent with the
balances registered in the corresponding
CORP.IN.J.02 accounts.
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.CO.A.14 Bis

Finished Goods
Quarterly the CACC/Cost Manager
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 controls the valuation for finished goods
and verifies that the absorption of fixed
costs is performed according to the
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 "Tenaris S.A. Public Accounting Reporting
COIN.CO.A.03 Policy: Absorption".
CORP.CO.A.14 CORP.IN.I.01 CORP.IN.M.01
The CACC/Cost Manager also checks that
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 the values in the file uploaded to the
CORP.CO.A.15 COIN.CO.A.06 defined sharedrive are consistent with the
CORP.IN.J.01 COIN.IN.D.03 balances registered in the corresponding
CORP.CO.A.16 COIN.CO.A.07 accounts.
CORP.IN.J.02
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COST OF SALES
Cost Industrial
CORP.CO.A.15
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 Quarterly, CACC/Cost Analyst verifies
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 that the valuation of the steel
production and FG transformation is
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 compared with previous periods (IFRS)
and with the standards (current period),
explaining changes with a deviation of
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 more than 10%.
CORP.CO.A.14 COIN.CO.A.03 Quarterly the CACC/Cost Manager
controls the reasonableness test of
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 valuation perform by the analyst,
CORP.CO.A.15 COIN.CO.A.06 verifying that deviations were explained
CORP.IN.J.01 COIN.IN.D.03
as defined.
CORP.IN.J.02
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 Quarterly the Costs Coordinator /
Accounting Shared Service Coordinator
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 controls that the obsolescence prevision is
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 reasonably calculated based on the
criteria defined by the policy issued by
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 Global Reporting by means of a global
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 test (including products at third parties
locations for processing).
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 Variations greater than 10% or USD 250k
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 (the lower) are analyzed and approved by
the Cost Director.
CORP.IN.J.01 The CACC/Cost Manager controls that
the calculated values are consistent with
the balances registered in the
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COST OF SALES
Cost Industrial
Quarterly, the CACC/Cost Analyst controls
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 and ensures the proper allocation of the
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 production cost of the corresponding period
to each inventory line (based on a FIFO
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 methodology).
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COST OF SALES
Cost Industrial
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 CORP.CO.B.01

CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Before the quarterly closing, Compliance/
Security Control verifies the people with
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 access to shared disks (or intranet) used to
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 manage the valuation process, requesting
confirmation from the Cost Director /
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 Admistration & Finance regional Director.
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 Corrective actions are taken for non-longer
needed permissions.
CORP.IN.J.01
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COST OF SALES
Cost Industrial

CFO authorizes valuation criteria for each
inventory group.
CORP.IN.J.01
CORP.IN.J.02
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COST OF SALES
Cost Industrial

Goods in Process:
Quarterly, CACC/Cost Manager verifies that
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 quantities included in valuation files are
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01
consistent with quantities in Legacy Systems.
CORP.IN.L.02
If differences are identified, assured that they
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 are analyzed, documented and authorized.
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COST OF SALES
Cost Industrial

CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Quarterly the CACC/Cost Manager reviews
the mass balance prepared to support the
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 FG final stock to be used for valuation
purposes.
Variations greater than 5% are analyzed.
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COST OF SALES
Cost Industrial

CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Quarterly the Costs Analyst ensures that
alB21:D25l standards used for valuation
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 purposes are the ones defined for the
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 current period and have been duly
authorized by the area in charge of their
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 issuing.
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COST OF SALES
Cost Industrial

CORP.CO.A.07 CORP.IN.D.02 CORP.IN.K.02
CFO authorizes the definition and
CORP.CO.B.04
modifications of the valuation “clusters”
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 based on Mill Origin, Steel and Product
Family.
CORP.IN.G.01 CORP.IN.L.02
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COST OF SALES
Cost Industrial
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 COIN.CO.A.03

CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Each time a movement of raw materials or
materials is registered, SAP System
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 automatically updates the inventory
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 valuation, calculating the Weighted
Average Price and automatically registering
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 it in the corresponding accounts.
CORP.IN.J.01
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COST OF SALES
Cost Industrial

The system automatically controls that raw
materials assigned to a Production Order are
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 correctly registered at their WAP.
CORP.IN.I.03
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COST OF SALES
Cost Industrial

Quarterly, the Cost Analyst controls that the
system allocates the Work in Progress items
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 correctly.
CORP.IN.I.03
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COST OF SALES
Cost Industrial

At least on a quarterly basis, the Cost
CORP.CO.B.04
Coordinator reviews and approves the
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 valuation for the Finished Goods prepared
CORP.CO.A.13 by the Cost Analyst.
CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02
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COST OF SALES
Cost Industrial
COIN.CO.A.10
Monthly the Cost Analyst compares
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 balances of raw materials, supplies and
finished goods managerial accounts
(1141) obtained from the SAP MM
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 Module to balances of raw materials,
CORP.CO.A.13
supplies and finished goods legal
accounts (1143) from SAP FI Module. If
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 errors are detected, the analyst justifies
CORP.CO.A.14 Bis COIN.CO.A.05 the differences and makes the necessary
corrections. The Cost Coordinator
CORP.CO.A.15 COIN.CO.A.06 reviews and approves the control made
CORP.CO.A.16 COIN.CO.A.07 by the analyst.
CORP.IN.J.02
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COST OF SALES
Cost Industrial

CORP.IN.A.01
The Production area ensures that minerals
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 receptions are registered in SAP based on
the real quantity received. The quantity
and quality of the minerals received are
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 controlled by comparing the purchase
CORP.CO.A.14 COIN.CO.A.03 order with what was reported by the
Supplier. Differences are analyzed and
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 monitored, according to what is defined in
CORP.CO.A.15 COIN.CO.A.06 each location.
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COST OF SALES
Cost Industrial

CORP.IN.B.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Steel Shop area ensures that scrap
receptions are registered in the system
according to the type and the actual
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 quantity received, considering the defined
CORP.CO.A.14 COIN.CO.A.03 tolerances in ATM11220 (Procurement
Authorization Manual).
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.IN.D.01

The Warehouse registers all the
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 receptions of Materials based on the
actual quantity received. In case of
CORP.CO.B.04
differences between the weight
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 established by Tenaris and the weight
CORP.CO.A.13 reported by the supplier, only a tolerance
of + / - 0.5% is permitted. Differences
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 are treated in accordance to what is
CORP.CO.A.14 Bis COIN.CO.A.05 defined in the Procurement
Authorization Manual (PUR 001)
CORP.CO.A.15 COIN.CO.A.06 CORP.IN.J.01 COIN.IN.D.03 Note: Tolerance applies only to significant
CORP.CO.A.16 COIN.CO.A.07 weighable goods, as defined by the
CORP.IN.J.02
Goods Reception Standard.
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.IN.D.02

CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 For materials subject to quality control,
the Warehouse ensures that the entry
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 registration is consistent with the
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 technical analysis results, or the
laboratory tests performed by the Quality
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 officer defined for this purpose. If
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 qualitative differences are detected and
the material entry registration was
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 previously posted in SAP, the rejection
COIN.IN.D.03
movement updates the stock in the
CORP.IN.J.01
system.
CORP.IN.J.02
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.IN.F.01

At least on a monthly basis, the area in
charge performs a reasonableness analysis
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 of the consumption of minerals, pig iron
and pre-reduced registered in SAP,
generating the stock adjustment.
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COST OF SALES
Cost Industrial
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 CORP.IN.G.01

On a monthly basis, INDU performs a
reasonableness analysis of the scrap
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 consumption of the period registered in
the system, generating the stock
adjustment.
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COST OF SALES
Cost Industrial

CORP.IN.I.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 The warehouse delivered quantities are
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 deducted from the stock, adjusting the
material to consumption. If the delivery is
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 done through a reserve, the stock is
COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01
adjusted automatically.
CORP.CO.A.14
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COST OF SALES
Cost Industrial
CORP.IN.I.03
CORP.CO.A.06 CORP.CO.B.02 CORP.IN.B.01 CORP.IN.J.04 Ferroalloys: On a monthly basis, a
CORP.IN.D.01 CORP.IN.K.01
physical inventory count of not
consumed material (under the Steel
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Shop’s responsibility) is performed and, if
applicable, the Scrap Coordinator / Raw
Materials and Steel shop services
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 Coordinator adjust the monthly
CORP.CO.A.14 COIN.CO.A.03 consumption posted in SAP.
Tamsa: For those ferroalloys managed by
CORP.CO.A.14 Bis COIN.CO.A.05 CORP.IN.I.03 COIN.IN.C.03 the Steel Shop, the consumption is
CORP.CO.A.15 COIN.CO.A.06 posted based on the Scale weighing,
adjusting the result according to the
CORP.CO.A.16 COIN.CO.A.07 CORP.IN.J.02 existing physical stock in the hopper at
CORP.CO.A.17 COIN.CO.A.10 the beginning and end of the month.
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COST OF SALES
Cost Industrial

CORP.IN.J.01
CORP.CO.A.06 Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01 As industrial operations are performed to
product, the processing status is updated
in the System throughout each stage of
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 the production process. Additionally, the
System validates that the elaboration
status in related to the industrial
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 productive center.
All stock positions are identified in the
system.
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COST OF SALES
Cost Industrial

CORP.IN.J.02
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 The system allows to identify the stock of
material located in third party yards that
needs to be processed, by supplier.
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COST OF SALES
Cost Industrial
CORP.CO.A.02
CORP.CO.A.06
CORP.CO.A.06
CORP.CO.A.06 Bis
Bis CORP.CO.B.03 CORP.IN.D.01 CORP.IN.K.01
CORP.IN.J.03
CORP.CO.A.07
Supply Chain or equivalent area ensures
CORP.CO.A.08
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 that the outflow of products to third party
yards for processing is supported with a
CORP.CO.A.12
CORP.CO.A.13 delivery note / printed fiscal document
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 associated with it.
CORP.CO.A.14
Supply Chain or equivalent area ensures
CORP.CO.A.14 Bis that the reentry of the product is
CORP.CO.A.15 COIN.CO.A.06 CORP.IN.J.01 COIN.IN.D.03 performed based on the documentation
CORP.CO.A.15
issued by the supplier.
CORP.CO.A.16
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COST OF SALES
Cost Industrial

CORP.IN.J.04
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 At least on a quarterly basis, the qualitative
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 technical loss of products received from
third party yards are analyzed to determine
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 their reasonableness. Exceptional deviations
CORP.CO.A.14 COIN.CO.A.03 CORP.IN.I.01 CORP.IN.M.01 should be analized and informed to the
area in charge of managing the service.
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COST OF SALES
Cost Industrial

CORP.IN.K.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 The Annual Inventory Plan is authorized and
executed in accordance with the
prescriptions set forth in the Inventory
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 Control Procedure.
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COST OF SALES
Cost Industrial

CORP.IN.K.02
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Inventory adjustments and physical disposal
are authorized as prescribed by the
Inventory Adjustments, Disposal, Scrapping
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 and Reclassifications Authorization Manual.
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COST OF SALES
Cost Industrial

CORP.IN.L.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 At least quarterly, the Warehouse area
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 ensures that deliveries based on pre-
numbered manual forms have the reception
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 conformity by the user who received and
were posted in the system.

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COST OF SALES
Cost Industrial

CORP.IN.L.02
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Quantitative differences between the
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 weight registered by Tenaris and the weight
reported by the supplier, are monthly
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 analyzed according to the tolerances
stipulated in specific internal procedures.

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COST OF SALES
Cost Industrial

CORP.IN.M.01
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 According to what has been defined in each
location, at least annually, the Scale
undergoes a calibration process performed
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 by a legally enabled third party.
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COST OF SALES
Cost Industrial

COIN.IN.C.03
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Product Warehouse ensures on a monthly
CORP.CO.A.08 CORP.CO.B.07 CORP.IN.F.01 CORP.IN.L.01 basis that Raw Materials consumption
registered in SAP based on the volume
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 produced in SRQ. Differences detected are
analyzed and adjusted in SAP.

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COST OF SALES
Cost Industrial

COIN.IN.D.03
CORP.CO.A.07 CORP.CO.B.04 CORP.IN.D.02 CORP.IN.K.02 Finished product stock registered in SAP is
verified monthly against the stock registered
in SRQ. Differences detected are analyzed
CORP.CO.A.13 CORP.CO.B.09 CORP.IN.G.01 CORP.IN.L.02 and adjusted in SAP.
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SELLING EXPENSES
Reporting CORP.RP.F.08
CORP.SA.F.01
Commercial
CORP.SA.F.02
Credit
CORP.CC.B.06
&
Collection CORP.CC.E.01
BACK NEXT
SELLING EXPENSES
CORP.RP.F.08
Quarterly, the Financial Planning
CORP.SA.F.01
Commercial area performs a reasonableness
CORP.SA.F.02 test of the freights charge of the
period at a Tenaris level,
identifying the main variations.
Credit The analysis is approved by the
CORP.CC.B.06 E&F Planning Director.
&
Collection CORP.CC.E.01
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SELLING EXPENSES
CORP.SA.F.01
CORP.SA.F.01 The Charter Parties/ Purchase Orders and additional charges are
Commercial
approved according to the Freight Contracting Authorization Manual.
CORP.SA.F.02
Credit CORP.SA.F.02
CORP.CC.B.06
&
Supply Chain officers certify logistic services at each location (based on
Collection CORP.CC.E.01 supporting documentation) when they are received.
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SELLING EXPENSES
CORP.CC.B.06
CORP.SA.F.01 Accounts Receivable write off are authorized in accordance to what is
Commercial
stated in the Credit Management Authorization Manual.
CORP.SA.F.02
CORP.CC.E.01
Credit Allowance for Doubtful Trade Accounts
CORP.CC.B.06
& On a quarterly basis, the Credit Control analyst calculates the
Collection CORP.CC.E.01 Allowance for Doubtful Accounts based on the Allowance for
Doubtful Accounts Procedure.
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FINANCIAL RESULTS
Finance CORP.FI.H.01
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FINANCIAL RESULTS
CORP.FI.H.01
On a quarterly basis, the Risk Management area reviews (on a
consolidation basis) the reasonableness of the financial result of the
period. The final analysis and explanations are approved by the Finance
Finance CORP.FI.H.01 Director.
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SOX Matrixes
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SOX Matrixes in Tenaris: Start

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Company Level Controls Balance Sheet P&L

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Board of Directors or 7 8 9 10 The performance of key positions’ holders is discussed by

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Human Resource Policies 19 20

Financial reporting risks 28

Extent to which the entity-wide objectives provide sufficiently

Entity-wide objectives provide sufficiently broad statements and

Effectiveness of the dissemination with which the entity-wide

Risks 25 26 27 41 43 The entity-wide objectives are communicated to employees and board

Relation and consistency of strategies with entity-wide

21 22 23 Adequacy of resources relative to objectives.

Adequacy of mechanisms to identify risks arising from external

Adequacy of mechanisms to identify risks arising from external

Adequacy of mechanisms to identify risks arising from external

Risks 25 26 27 41 43 Management verifies that the Company maintain sufficient cash,

Adequacy of mechanisms to identify risks arising from external

Adequacy of mechanisms to identify risks arising from external

The accounting department has established processes to

Risks 25 26 27 41 43 The Accounting Department has established processes to minimize

Existence of appropriate policies and procedures necessary with

Policies and procedures are updated, considering changes

A comprehensive accounting manual exists and is updated

The complaints are received in the Compliance Line through the

There are mechanisms in place in order to receive and handle

The Disclosure Procedure, provides guidance on what, how

Separate Evaluation 33 34 35 36 Effectiveness of internal audit activities.

Separate Evaluation 33 34 35 36 Effectiveness of internal audit activities.

There is an Audit Plan informed to the Audit Committee. The Audit

Separate Evaluation 33 34 35 36 Effectiveness of internal audit activities.

Audit reports are distributed to appropriate level of management as

Separate Evaluation 33 34 35 36 Appropriateness of the evaluation process.

A self-assessment (of internal controls) process exists covering key

Separate Evaluation 33 34 35 36 Related Party Transactions review

The Compliance area (RPU) reviews and approves all transactions

Separate Evaluation 33 34 35 36 Existence of mechanism for capturing and reporting identified

There are mechanisms implemented on the Company for obtaining

Separate Evaluation 33 34 35 36 Appropriateness of follow-up actions.

A recording and following up of the corrective actions undertaken by

Commercial Industrial Procurement

CORP.SA.E.01 CORP.IN.E.01 CORP.PR.A.01 CORP.PR.A.09

CORP.SA.E.02 CORP.IN.Z.01 CORP.PR.A.02 CORP.PR.A.10