Comprehensive enhancement of mining and metallurgic industry in Kazakhstan

Internal audit

The Internal Audit Service (hereinafter - Service) is a body of JSC «Tau-Ken Samruk» (hereinafter - the Company), provides the organization and implementation of internal audit of the Company, organizational and functional subordinate to the Board of Directors. Supervision on the activities of the Service is carried out by the Audit Committee of the Board of Directors.

The mission of the Service is to provide the necessary assistance to the Board of Directors and the Management Board in carrying out their duties to achieve the Company's strategic goals.

The main purpose of the Service is to provide the Board of Directors with independent and objective assurance and consulting aimed at improving the risk management, internal control and corporate governance of the Company.

The key functions of the Service are:

Assessment of the adequacy and system effectiveness of internal control of the Company;

Assessment of the application completeness and methodology effectiveness of risk assessment and risk management procedures of the Company;

Assessment of the implementation and compliance with accepted principles of corporate governance, appropriate ethical standards and values of the Company;

Compliance Control of the requirements of legislations of the Republic of Kazakhstan, internal documents of the Company and following the instructions of authorized and supervisory bodies, decisions of the Company and evaluation system established in order to comply with these requirements (compliance control);

Implementation of internal audit in the subsidiaries/dependent organizations of the Company on behalf of the Board of Directors (in the absence of internal audit in these organizations);

Monitoring the implementation of the recommendations of the Company issued by external and internal audit.

In developing the Annual audit plan, the Service uses the risk-based approach. Audits are carried out in accordance with the Annual audit plan, approved by the Audit Committee and confirmed by the Board of Directors.

Reports on the activities of the Service, preliminary reviewed by the Audit Committee shall be presented to the Board of Directors on a regular basis.

Due to continuous professional development, the Service employees participate in training activities, thereby constantly improving their knowledge, skills and competence.

In its activities the Service follows the legislations of the Republic of Kazakhstan, the Charter, decisions of the Company, the Regulation on the Service and other internal documents of the Company. Also, the activities of the Service is based on international professional standards of internal audit developed by the Institute of Internal Auditors (The Institute of Intemal Auditors Inc).

The Service conducts the regular works on introduction and continuous improvement of internal of internal regulations governing the activities of the Service. Internal regulations of the Service, as well as any amendments thereto shall be approved by the Board of Directors of the Company.

 

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