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National Managing
Holding "Baiterek"

Internal Audit

Mission of the  internal audit is to conserve the value and improve the effectiveness of the organization by means of objective internal audits on a risk-based approach, recommendations providing and knowledge sharing.

The internal audit is provided by the Internal Audit Service of JSC NMH "Baiterek" (hereinafter referred to as IAS) operating in accordance with the standards of the Charter, Corporate Governance Code of JSC NMH "Baiterek", regulations of IAS and other internal regulatory documents covering the terms and conditions of IAS assessments of internal control systems, risk management and corporate governance.

Advantages of the internal audit function of JSC NMH "Baiterek" are:

- professionally defined status, competence and functionality of IAS, taking into account the provisions of the International Framework for Professional Internal Audit Practices recommended by the International Institute of Internal Auditors (IIA);

- qualified management of the internal audit function by the Audit Committee, Board of Directors, as well as meaningful cooperation of the executive body with IAS;

- formation of risk-based audit work plans according to the audit areas map, considering the approved strategic purposes, register of risks and controls, matrix of business processes of JSC NMH "Baiterek";

- objectivity and independence of IAS audit judgments, as well as their mandatory preliminary discussion with the audit participants, contributing to the confidence of  IAS work.

IAS periodically checks the effectiveness of the internal control, risk management and corporate governance systems of JSC NMH "Baiterek" in accordance with the methodology meeting the international standards.

In addition to the tasks related to the risk-based work plan, IAS annually monitors the holding company's compliance with the limits for certain types of administrative expenses in accordance with the standards of Decree No. 1266 of the Government of the Republic of Kazakhstan dated 02.12.2014 "On the Limits for Certain Administrative Expenses of National Managing Holdings <...> and monitoring tools<...> ".