JSC Techsnabexport

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Internal controls and audit

JSC Techsnabexport’s internal control system is intended to enhance the effectiveness of activities and ensure that the Company securely meets its objectives, while observing safety requirements and legislation norms. It is built up in line with the basic principles of the Internal Control Policy of ROSATOM. There is a system of regulatory documents that establish the way that the control procedures should be implemented over the course of business processes and also stipulate responsibility for their inappropriate execution.

The internal control system subjects are:

  • the governing bodies of the Company;
  • the audit commissions of the Company and its affiliates and subsidiaries;
  • the department of Internal Control and Audit;
  • the owners of processes; and
  • the Company employees.

In 2013, ICAD

Internal Control and Audit Department
conducted five inspections of the Company’s financial and economic activities and its A&S, as well as audits of two business processes of the Company.

The department specialists took part in eight audits as audit commission members.
In addition to the control procedures built into the business processes of the Company, the Internal Control and Audit Department (ICAD

Internal Control and Audit Department
) controls and audits processes in accordance with approved control measure plans.
In 2013, ICAD

Internal Control and Audit Department
conducted five inspections of the Company’s financial and economic activities and its A&S, as well as audits of two business processes of the Company. Based on the results of the control measures, the heads of the audited facilities and the owners of the processes worked out process optimisation plans, plans for the elimination of deviations, and ways to prevent those deviations in the future. ICAD

Internal Control and Audit Department
monitors the implementation of the approved plans. The department specialists took part in eight audits as audit commission members.
In the reporting year, JSC Techsnabexport’s ICAD

Internal Control and Audit Department
received an award from the Institute of Certified Financial Managers (United Kingdom) in the category “For Contribution to Development of the Internal Auditor Profession” at the First International Training Conference “Internal Control and Audit in Russia: Concepts and Practices”.

The key areas of the Company’s internal control system development are:

In the reporting year, JSC Techsnabexport’s ICAD

Internal Control and Audit Department
received an award from the Institute of Certified Financial Managers (United Kingdom) in the category “For Contribution to Development of the Internal Auditor Profession” at the First International Training Conference “Internal Control and Audit in Russia: Concepts and Practices”.
  • further integration into the Company’s processes of adequate control procedures with the stipulation of responsibility of the participants in the process for the efficiency and effectiveness of internal control;
  • implementation of the mechanism and technologies of the transfer of revealed risks to their owners and of taking necessary actions to manage them;
  • development of mechanisms for the engagement of critically important stakeholders, including governmental controlling bodies, into the internal control activities;
  • development of the monitoring of the reliability and efficiency of the internal control system through the implementation of various techniques of continuous and periodic evaluation of conditions in the internal control system;
  • advancement of competencies and the potential of the Company’s ICAD

    Internal Control and Audit Department
    ;
  • improvement of quality in the group of processes “Internal Control and Internal Audit”; and
  • development of the internal control methods of financial reporting.

In 2014, the following is planned as part of the internal control system development:

  • further introduction in the Company’s activities of regulations being written by ROSATOM in terms of the group of processes “Internal Control and Internal Audit”;
  • implementation of the risk-directed planning of activities;
  • performance of inspections and internal audits as per the approved programme, including audits in the first half of 2014 of the drafting process of the Public Annual Report of the Company for 2013, of the effectiveness of planning and spending of monetary resources for investment activities, of the inspection of individual issues concerning the financial and economic activity of the Company’s A&S, and of the effectiveness of remuneration and human resource spending;
  • performance of random inspections of procurement activities; and
  • advancement of qualifications of internal control specialists of the Company and the exchange of experience between the internal control and audit units of ROSATOM and its entities.


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