The results of the Auditing Commission
In 2018 The Company’s Auditing Commission exercised control through audits of financial and economic activities. Six meetings of the Auditing Commission were held with discussions of the following key issuesThe minutes of meetings of the Auditing Commission of Kubanenergo PJSC are posted on the website — section ’About Us/Activity Control System/ Auditing Commission.:
- concerning the approval of the audit program of the Company’s financial and economic activities for 2017, including support of the facilities, procedures, timing, and scope of the audit;
- concerning the consideration and approval of the conclusion of the Auditing Commission on the assessment of the reliability of the data contained in the annual report of Kubanenergo PJSC and the accounting (financial) statements for 2017;
- concerning the consideration and approval of the Act of the Auditing Commission on the results of the audit of the financial and economic activities of Kubanenergo PJSC for 2017;
- on the election of the Chairman and Secretary of the Company’s Auditing Commission (for 2018–2019);
- on approval of the work plan of the Company’s Auditing Commission (for 2018–2019);
- approval of the program of the first stage of the audit of the Company’s financial and economic activities for 2018 (adoption of facilities, order, terms, and scope of the audit);
- concerning the consideration and approval of the act of the Auditing Commission on the results of the first stage of the audit of the financial and economic activities of Kubanenergo PJSC for 2018
By the results of the audit of financial and economic activities for 2017, an act was drawn up with recommendations for improving the control environment and eliminating violations, and further, it was sent to the Company to eliminate violations and implement recommendations.
In accordance with the work schedule of the Auditing Commission in July-October 2018, there was conducted the first stage of the audit of the Company’s financial and economic activities for 2018.
The Company has developed, approved, and executed a plan of corrective measures to eliminate violations/ deficiencies identified by the Auditing Commission during the audits.
In accordance with the work schedule of the Auditing Commission, the second phase of the audit of the Company’s financial and business activities are planned for March-May 2019.