Internal Audit Service

The Fund has the independent Internal Audit Service, which is subordinate and accountable to the Board of Directors of the Fund and is supervised by the Audit Committee of the Board of Directors of the Fund. 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 carrying out its activities, the Service is guided by the legislation of the Republic of Kazakhstan, the Charter, decisions of the Fund bodies, the Regulations, the annual audit plan approved by the Board of Directors of the Fund, and other internal regulatory documents governing the work of the Internal Audit Service of the Fund.

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

In 2022, the annual audit plan of the Internal Audit Service was completed by 106%, taking into account unscheduled inspections during the year. Based on the results of audits, the Internal Audit Service issued recommendations, including proposals to improve existing internal control and risk management systems, processes, principles and methods of conducting activities. Information on the results of monitoring the implementation of the recommendations issued was provided to the Board of Directors of the Fund on a quarterly basis. Additionally, as part of the consulting work, employees of the Internal Audit Service participated in synergetic audits of individual Subsidiaries of the Fund, as well as individual representatives of the Fund on the Boards of Directors of Companies were provided with consulting work.

In 2022, no facts were recorded that negatively affect the independence or individual objectivity of internal auditors. The reports of the Internal Audit Service were considered and discussed at meetings of the Audit Committee and the Board of Directors of the Fund on a quarterly basis.