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Information on Audit Commission

Audit Commission provides necessary assistance to Sole member of Supervisory Board in fulfilling their duties to achieve the strategic objectives of the Partnership.

The main purpose of Audit Committee is to represent Sole member and Supervisory Board with independent and objective assurance and consulting aimed at improving risk management, internal control and corporate governance of the Partnership.

Main functions of Audit Committee are:

1) evaluation of reliability and effectiveness of internal control system of the Partnership and its affiliates;

2) evaluation of reliability and effectiveness of risk management system of the Partnership and its affiliates that promote regular identification, evaluation and monitoring of risks by providing reasonable assurance in achieving objectives of the Partnership and its affiliates;

3) assessment of compliance by Partnership and its affiliates with legal requirements of the Republic of Kazakhstan and assessment of adequacy of systems and procedures established and applied to ensure compliance with these requirements;

4) evaluation of efficiency and resource efficiency of the Partnership and its affiliates, and methods/ways to ensure safeguard of the assets of the Partnership and its affiliates;

5) Evaluation of improvement of corporate management process of the Partnership and its affiliates;

6) Evaluation of fraud risk and fraud risk management efficiency in the Partnership and its affiliates;

7) Methodological support and coordination of Internal Audit Commission of the Partnership and its affiliates activities.

Independence of Audit Commission achieved by providing a corresponding organizational status of Audit Commission in performing their duties.

Audit Commission carries out its activities in accordance with Annual Work Plan, approved by the Supervisory Board, and unscheduled tasks on behalf of the Sole member of the Supervisory Board or its Chairman.

Evaluation of Audit Commission is carried out in accordance with rules of evaluation of the Audit Commission personnel, approved by decision of the Supervisory Board of the Partnership.

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