Internal Audit Service

The Fund has an independent Internal Audit Service, which is subordinate and accountable to the Fund's Board of Directors and supervised by the Audit Committee of the Fund's Board of Directors. The Board of Directors determines the composition of the Internal Audit Service, the amount of remuneration of employees, approves internal audit policies and procedures, as well as the annual audit plan and budget.

In its activities, the Service is guided by the legislation of the Republic of Kazakhstan, the Charter of the Fund, decisions of its bodies, the annual audit plan approved by the Board of Directors of the Fund and other internal regulatory documents.

The main purpose of the Internal Audit Service is to provide the Board of Directors of the Fund with independent and objective assurance and advice aimed at improving the risk management, internal control and corporate governance systems in the Fund.

In 2025, the Service completed the annual audit plan at a level of 105%, including the execution of unscheduled audits during the year. Recommendations were issued to improve internal control and risk management systems, as well as procurement and investment processes, principles and methodologies. The results of monitoring the implementation of recommendations were submitted to the Board of Directors on a quarterly basis.

In addition, within the scope of consulting activities, employees of the Internal Audit Service participated in unscheduled audits of certain subsidiaries of the Fund as members of working groups. The Service also provided advisory support to representatives of the Fund serving on the boards of directors of companies.

In 2023, the Internal Audit Service successfully passed an external independent assessment conducted by PwC for compliance with the International Professional Practices Framework (IPPF) for Internal Auditing and the Code of Ethics of the Institute of Internal Auditors. The results of the assessment confirmed that the Internal Audit Service's activities comply with the established standards and ethical norms, which demonstrates the efficiency and effectiveness of the service's work. In accordance with internal regulatory documents, such an assessment is conducted once every five years.

At the same time, no facts adversely affecting the independence or individual objectivity of internal auditors were recorded during 2025. On a quarterly basis, the reports of the Internal Audit Service were considered and discussed at the meetings of the Audit Committee and the Board of Directors of the Fund.