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The Internal Audit and its authorities

1. Control and  verification of cash, securities, registered forms, goods and materials, fixed assets, equipment and other assets in the audited structural units(division, branch or representative) of the Bank.

2. Review and analysis of electronic and printed information on the activities of the structural units (division, branch or representative) of the Bank.

3. Check all contracts concluded with natural and legal persons for lease, storage and audit of all banking assets.

4. Identify compliance of all staff’s operations with the current legislation and regulatory requirements, as well as have an access to internal documents determining policy, the Bank's strategy, regulatory decision-making procedures, the rules of accounting and reporting in the Bank.

5. In case of detecting facts that decision made by the management is contrary to current legislation, regulations and internal procedures, the Head of the Internal Audit is obliged to inform about that the Audit Committee, the Executive Board, and if necessary  the Supervisory Board of the Bank. In turn, the auditor who audited the structural units of the Bank shall inform the Head of the Internal Audit on the established facts of illegal, careless and neglect of a staff member, entailing any loss.

6. Have unrestricted access to the following documents:

- Copies of decisions, orders, instructions, letters and statutory regulations of the General Meeting of Shareholders, the Supervisory Board, internal committees and the Executive Board;

- Internal procedures, guidelines and amendments thereto;

- Software of the Bank;

- Information for strategic planning, forecasts plans and reports on their execution;

- Reports on the property, liquidity and profitability of the Bank, as well as reports on management ratio used to determine the level of risk;

- Information about salary of the staff and management of the Bank;

- Information on the financial position of the Bank's customers;

- Information about the property and inventory owned by the Bank;

- Information on the profitability of branches;

- Information about the Bank’s plans;

- Materials to investigate fraud and plans on enforcement;

- The necessary documents and materials of audit for the previous periods;

- Explanatory documents and guidance on accounting and characterization of all operations;

- Confidential information about the Bank, its managers and employees;

- All other information on financial and economic activities of the Bank, documents on audit for the previous periods, etc.

7. The Internal Audit Department (IAD) is authorized to collect information on all, without exception, departments and officials of the Bank;

8. All structural units of the Bank are obliged to inform the IAD:

- On the reveal of shortcoming;

- On the available risk that may cause a significant loss;

- On operations beyond the interbank rules.

9. At the request of the IAD, staff of the Bank shall provide the access to the necessary information, documents, valuables, premises and safe vault;

10. Employees of the IAD must perform their duties independently, impartially honestly, observing all the norms of professional ethics.

Responsibilities of the Internal Audit Department

1. The audit of compliance of banking activity to the current laws and regulations and procedures;

2. Participation in the development of strategy and audit policies of the Bank;

3. Control the Board over compliance with the Bank's strategy;

4. Oversee the monitoring systems;

5. Supervision of the risk management system;

6. A comprehensive audit of all functional units of the Bank;

7. Audit inspection at the request of the General Board of Shareholders, the Supervisory Board and the Executive Board;

8.Audit and inspection of decisions taken at the General Meeting of the Shareholders, the Supervisory Board, the Audit Committee and the Executive Board;

9. Audit of conformity of employees and departments to their functional official instructions;

10. Audit of the execution of normative-legal acts and internal guidelines;

11. Inspection and audit of all risks related to banking activity;

12. Audit of planning of financial resources and budget performance;

13. Audit and inspection of accounting and statistics, preparing data, performance and control of informational security system;

14. Inspection of other kind of business under the authority of these regulations;

15. Reporting on the results of inspections, recommendations and determining the timing of their implementation;

16. Control over the implementation of these recommendations;

17. Informing the Audit Committee on unproductive activity and emergency cases, operation delay in structural units of the Bank;

18. Informing the Audit Committee about the obstacles hindering activity of the IAD;

19. Attention to the professional development of auditors;

20. To prepare job descriptions of employees, plans, rules, timing and frequency of audit inspections and get approval of the Audit Committee;

21. Analysis of financial and economical activities of the Bank;

22. Forecast of financial and economical activity of the Bank;

23. Analysis of active operations of the Bank;

24. Analysis of the solvency and liquidity of the Bank on the basis of rational placement of resources;

25. Analysis of formation and structure of assets and liabilities;

26. Recommendations for increase profitability, stability and liquidity of the financial activities of the Bank;

27. Improvement of accounting in the Bank;

28. Increase the professional level of the Bank's employees;

29. Consultations on financial, tax, banking law, other by-laws;

30. Close relationship with the external auditor and strict adherence to the recommendations of the audit result.

The principles of operation of Internal Audit Department

1. The Department should draw up a report on each of audit inspection carried out. The report of audit should be in short and clear form, substantial and in fact. The report should include:

- The expression and explanation of the subject and results of the audit;

- Discussion on the subject and result of the audit;

- Recommendations for appropriate changes;

- Discussion of results of the audit.

2. Weaknesses, threats and risks of the Bank must be identified and determined.

3. The Department prepares an annual report on the work undertaken during the reporting period and total inspections. In general, the report should express the level of implementation of tasks mentioned in audit inspection. In addition, significant shortcomings, recommendations and action plan to eliminate them, as well as information on the implementation of the plan should be included in the plan.

4. The IAD in writing, informs the Internal Audit Committee about significant risks and imminent threats threaten the Bank.

5. The IAD is required to make the relevant documents on errors identified during the inspection, their immediate elimination and the implementation of recommendations on the situation. Timing and intensity of inspections depends on level of risk to which the Bank is exposed and recommendations to correct errors.

Responsibilities of the IAD on reporting 

The IAD regularly reports to the Internal Audit Committee about carried out inspections. Each audit report should:

- To present purpose, scope and results of the audit inspections, if necessary, the report should reflect an auditor review;

- Drawn up in an objective, clear, concise and constructive and in a timely manner and presented to the Internal Audit Committee;

- Include in the audit plan the recommendations on the audit inspections.


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