Audit Committee was established in December 2006 according to the resolution of the Board of Directors. It is an advisory and consultative body of the Board.
The main objective of the Audit Committee is to ensure effective performance of the Board of Directors in dealing with strategic management issues and control over business activity of the bank. Audit Committee reports to the Board of Directors, while its resolutions are of advisory nature.
Audit Committee provides recommendations to the Board of Directors on election of independent and qualified external auditors, assists in overseeing the activity of the Internal Control and Audit Service and ensuring quality and completeness of financial and accounting reporting especially with regard to compliance with the requirements of the Russian legislation and relevant government authorities.
Information about activity of the Audit committee
In 2018 the Audit Committee of the Board of Directors held 17 meetings (3 meetings in presentia, 14 meetings in absentia) for consideration of 74 issues in total.