Internal Audit Service
The Internal Audit Service was established to assist the Board of Directors and executive bodies in enhancing the Company’s management efficiency and improving its financial and economic operations through a systematic and consistent approach to the analysis and evaluation of risk management, internal control and corporate governance systems as tools to provide reasonable assurance that the Company will achieve its goals.
Committed to independence and neutrality, the Internal Audit Service is guided by the Regulation on the Internal Audit Service of TransContainerThe Regulations are available on the Company’s website., Russian laws, Regulation on the Audit Committee of TransContainer, resolutions of the general meeting of shareholders and the Board of Directors, the Company’s by-laws, internal auditing guidance as per the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics of the Institute of Internal Auditors.
To ensure independence and prevent bias, the Internal Audit Service has a functional reporting line to the Board of Directors and an administrative reporting line to the Company’s CEO. The Head of the Internal Audit Service is appointed or terminated by the CEO upon resolution of the Board of Directors. The Head of the Internal Audit Service reports to the Audit Committee and the Board of Directors on the performance of the Internal Audit Service throughout the reporting quarter and annually, and on the current state of the internal control and risk management systems, progress against the annual action plan and budget of the Internal Audit Service.
The Internal Audit Service is headed by Elena Ustinova.
Key projects of the Internal Audit Service in 2018:
- assessment of corporate governance;
- analysis of measures to eliminate the gaps identified by the Revision Commission during the audit of TransContainer’s operations in 2017;
- assessment of the effectiveness of the risk management and internal control framework;
- audit of financial and operational activities of the Company’s five branches;
- assessment of controls over the engagement of co-contractors under freight forwarding services contracts.