Internal Audit Commission and audits
Internal Audit Commission
The Internal Audit Commission is an elected body accountable to the General Meeting of Shareholders and responsible for supervising the company's financial and economic operations.
The Internal Audit Commission was set up to:
In 2018, the Annual General Meeting of Shareholders elected Anna Borodayenko, Alexey Golovanov and Igor Mitin as members of the Internal Audit Commission.
The Internal Audit Department is responsible for the internal audit of the company's performance.
It was set up to regularly review the company's financial and economic transactions for compliance with the legislation and internal regulations, monitor the observance of internal control procedures, perform independent efficiency assessments and issue relevant recommendations to improve the company's internal controls, risk management and corporates governance mechanisms and procedures.
The outcomes of audits carried out by the Internal Audit Department and the proposals to improve ChelPipe Group’s efficiency are promptly communicated to the heads of functional units and regularly reviewed by the Audit Committee of the Board of Directors. Sound planning and the timely implementation of control procedures and other changes to manage identified risks allow the company’s management to continuously improve governance processes and quality to achieve business goals and support sustainable development.
In 2018, the Annual Meeting of Shareholders approved the following auditors: