OREANDA-NEWS. July 07, 2014. Review of a report prepared by the internal auditor as of 2013

The Board of Directors took into account a report prepared by the internal auditor on the efficiency of Internal Control and Risk Management system as of 2013. The report contains the review of current status of the IC&RMS in terms of the following components (control environment, risk evaluation, control means, information and communications, monitoring). The evaluation of the system showed the "Moderate" level (4.25 points).

The report also includes key directions for the IC&RMS evolution. Achievement of the target figures will be due to the following measures:

- Integration of the key elements and principles of the internal control system into overall management and decision-taking system;

- Implementation of the most efficient model for control functions providing reasonable level of independence and objectivity;

- Elaboration and implementation of standards for internal control, internal audit and risk management.
 
Review of a 2013-2014 progress report prepared by the Audit Committee

The Board of Directors approved a 2013-2014 progress report prepared by the Audit Committee. In BoD's opinion, the committee has reached all goals and objectives stipulated by the internal documents; information on current financial situation and progress results of Internal Control and Audit Department was submitted to the Board of Directors in full.
 
Approval of the Company's internal documents

To decrease liquidity risks, to increase control over reliability and soundness of funds due to instability on global financial markets and in bank sector the Board of Directors approved a new version of the Regulations on the placement of temporarily disposable monetary resources.

To determine key directions and principles of the arrangement of metering system on the balance boundaries between the company and consumers on the wholesale and retail markets the Board of Directors approved The Standards of IDGC of Urals, - "Technical Policy. Remote metering systems for wholesale and retail energy markets". Using the Standards we shall prepare a range of technical and methodical documents stipulating the application of technical requirements and solutions during new construction, expansion, reconstruction and upgrade of the Company's facilities.
 
Besides, the Board of Directors adjusted the action plan on the decrease of overdue transmission receivables and reconciliation as of 01.04.2014.