Audit and control
RusHydro controls its financial and business operations by using a combination of internal regulations, operational practices, procedures, and methodologies involving the following key parties: Internal Audit Commission; Independent Auditor; Audit Committee of the Board of Directors of RusHydro; Internal Audit Service.
The key principles, goals, objectives, methods, and processes of the control framework are set forth in the following documents approved by RusHydro’s General Meeting of Shareholders and Board of Directors:
- Regulations on Internal Audit Commission;
- Corporate Governance Code;
- Internal Control and Risk Management Policy;
- Internal Audit Policy;
- Regulations on the Audit Committee of the Board of Directors;
- Code of Corporate Ethics;
- Anti-Corruption Policy.
The Company’s Internal Audit Commission reports to the General Meeting of Shareholders. The Internal Audit Commission’s opinion is submitted to the Audit Committee of the Board of Directors of RusHydro. The Internal Audit Commission’s opinion issued after the audit of the annual report, RAS financial statements and report on the Company’s related-party transactions is a mandatory document that must be submitted to the General Meeting of Shareholders.
An Auditor’s opinion is submitted to the Board of Directors’ Audit Committee and to the Internal Audit Commission. The Audit Committee discusses the auditor’s plan of annual audits of RusHydro Group.
The Board of Directors represented by its Audit Committee is responsible for the functional management of the Internal Audit Service, including approval of the annual schedule of control activities and quarterly reports on adherence to that schedule.