The Company created a separate structural division, the Internal Audit Service (IAS), in order to improve internal audit in PJSC NCSP.
The main goal of the IAS is to assist the management bodies of the Company and Group businesses to increase management efficiency and improve financial and business performance with a systematic and consistent approach to analysis and assessment of the system of risk management, internal control and corporate governance.
The activities of the service are governed by the Regulation on the Internal Audit Service of PJSC NCSP, approved by the Board of Directors on November 24, 2016 (Minutes No. 08-SD NCSP).
The IAS reports to and is functionally accountable in its activities to the Board of Directors of PJSC NCSP and the Company’s Audit Committee. Administratively, the service is subordinate to the CEO of PJSC NCSP.
The IAS works with all divisions of the Group to accomplish its objectives.
In accordance with the approved plan, the IAS conducted three audits in 2018:
- Audit of sales processes at NCSP Group
- Audit of the efficiency of cargo handling processes (general, container and bulk cargo) at PJSC NCSP
- Audit of the level of development of information systems at NCSP Group
The IAS also conducted an audit of the information technology department of PJSC NCSP.
The IAS prepared reports on all audits conducted, with recommendations to address identified violations, and brought them to the attention of management and/or the Audit Committee in due course.
Based on the audit reports, PJSC NCSP management drew up and approved a corrective action plan to address the identified concerns.